QSuper and Sunsuper merger moves to next steps
27 October 2021
4
min read
QSuper is on track to merge with Sunsuper to create one of Australia’s largest superannuation funds, managing more than $200 billion in retirement savings for 2 million members.
In the latest step on 26 October 2021, the Queensland Parliament passed legislation that is essential for the merger.
Queensland Treasurer and Minister for Trade and Investment Cameron Dick said the passing of the Superannuation (State Public Sector) (Scheme Amendment) Bill 2021 would enable the two super funds to proceed with finalising their merger.1
"Subject to final regulatory and board approvals, this new fund will be a financial powerhouse for Queensland, supporting 2,000 local jobs and reinforcing Queensland as a preferred investment destination," Mr Dick said.
Sole focus on maximising member returns
Mr Dick said the merged fund would be a profit-for-member entity with the sole goal of maximising member returns, continuing the current operations of QSuper and Sunsuper.
The passing of the legislation comes just seven months after QSuper and Sunsuper signed a Heads of Agreement to pursue a merger, which is on track to be completed on 28 February 2022.
QSuper chair Don Luke, along with Sunsuper chair Andrew Fraser, said the merger aimed to create a superannuation fund with world-class capability and the scale to deliver outstanding services and lower costs for members.
We are excited about the opportunity for the new organisation to better serve our members’ needs. It’s been pleasing that the Queensland Government has been able to share our vision and pass this legislation," the chairs said.
The proposed merger remains subject to a range of conditions, including regulatory, legislative and final board approvals.
The merger of QSuper and Sunsuper is the biggest and most complex in Australian superannuation history.
The merged fund will continue both QSuper’s and Sunsuper’s focus on working for members, not shareholders, aiming to deliver strong, long-term investment returns, and providing members the tools and advice they need to feel on top of their super.
For more information
For more information about the proposed merger, to read answers to frequently asked questions or to learn more about what a QSuper and Sunsuper merger could deliver, visit our information hub.
1. Media release, 26 October 2021, Queensland Government, Treasurer and Minister for Trade and Investment Cameron Dick, Super law passes to create Queensland financial powerhouse, at statements.qld.gov.au