vicsuper merger

The boards of both funds on Monday signed a binding heads of agreement, allowing them to carry out due diligence ahead of reaching a final decision by year’s end. The two funds jointly announced that they had formally signed a merger deed on Friday, set to come into effect from 1 July 2020. We are very conscious of our responsibility to spend our members’ funds prudently. However, given that the end of financial year is such a busy time of year, we recommend that you make your final submissions for the 2019-20 financial year by close of business on Tuesday 23 June. “We have very complementary models in terms of advice and the way we interact with our members. What if I don’t update the new USI number in my payroll files? There will be some changes when the merger comes into effect. “Today’s merger marks the achievement of our strategy to align with a fund that shares our values and member-first culture. Visit whatbrowser.org to check your browser version and upgrade. Combining the two super funds will provide significant benefits to all our members. VicSuper is hunting for merger partners ahead of an expected dismantling of the Fair Work Commission process that delivers 98 per cent of its members. It’s a name we chose together in consultation with many of our members and a name that members liked because it clearly signals our action and intention. At this early stage, no decision has been made around the future operating model. You can login to your VicSuper EmployersOnline account anytime. There will be no change. We have updated our Standard Choice of Fund form. Why did First State Super choose the name Aware Super. When should I pay contributions if I want them to be in member accounts for the 2019-20 financial year? In the meantime, it’s business as usual for both funds. From 1 July 2020 our Unique Superannuation Identifier (USI) and ABN will change. On the cost savings side, Dundon noted the obvious synergies in combining two organisations but cautioned that the $120 billion merged fund see increasing inflows each year so management must ensure the merged fund is properly resourced. Jassmyn has returned to Super Review as News Editor after working as a financial journalist in London. VicSuper merger discussions with First State Super update 22 Jul 19 Earlier this year we announced that we’d started discussions with First State Super to explore the benefits of a merger. Fry has been a financial journalist for more than 25 years and has written for a number of publications, including CFO, The Financial Times and The Australian Financial Review. As such, you will be bound by the First State Superannuation Scheme Trust Deed and Rules, and other relevant documentation. We are merging with VicSuper. The trustee of the First State Superannuation Scheme is FSS Trustee Corporation ABN 11 118 202 672, AFSL 293340, and the management of VicSuper member accounts will be the responsibility of FSS Trustee Corporation after the merger. Key tools and information about your membership. The chair of the board would be Neil Cochrane and chief executive would be First State Super’s current CEO Deanne Stewart. Learn more about how we invest and what we invest in, Explore and compare our investment options, See our latest unit prices and learn how unit pricing works. Your acceptance of the above declaration and acknowledgement of the above referenced information and documents will be deemed if you continue to make employer contributions or action member contributions in accordance with applicable law from 1 July 2020. This is an exciting announcement as this merger will offer considerable value to our members and our increased funds under management will allow us to be an even greater force for good in our members’ communities. The merger has been on the cards since August 2019, and will create significant economies of scale that will allow reduced administration and investment costs – savings Ms Stewart says will be passed on to members. The merger has allowed for a 20 per cent reduction in fees for VicSuper accumulation members within the first year. She has also reported from New York and Jakarta covering the United Nations, business, news, lifestyle, and the environment. The merger has been on the cards since August 2019, and will create significant economies of scale that will allow reduced administration and investment costs – savings Ms Stewart says will be passed on to members. Please read our Terms and Conditions, Privacy Policy and Terms of use. We also recommend that you contact your payroll providers to ensure that any necessary adjustments to payroll systems (if required) have been made. Where submitting choice contributions via VicSuper EmployersOnline, we usually ask that you allow a minimum of three days for the contributions to reach their destination account. Will there be a change to my member numbers? The boards of both funds on Monday signed a binding heads of agreement, allowing them to carry out due diligence ahead of reaching a final decision by year’s end. In this section we’ve answered some of the payroll questions that you may have. ASIC faces grilling on Industry Super campaign, Government announces sweeping super reforms, ANZ cops $10 million fine for unconscionable conduct, BPH Energy identifies revised drill target at Baleen, Clearstream is open for business in Australia, AJX to commercialise flame retardant product with ICL, MYQ Fight Against Obesity in a Self-Isolated World, Pharmaceutical exec charged with insider trading, Janus Henderson records revenue lift with market bounce, Expect turbulence around US election: Magellan chair. First State Super and VicSuper, which started talks earlier this year, hope to become a A$120 billion ($84 billion) plan by June 30, 2020. Compulsion has caused a trillion dollar plus Superannuation bonanza. In essence this means APRA thinks members should benefit from economies of scale. Of course, the investment... Until the industry agrees on asset allocations this cannot work. “Together we will leverage our combined scale to invest in ways that strengthen our community and the economy while continuing to deliver strong, sustainable long-term returns for members.”. VicSuper’s CEO, Michael Dundon, would be appointed deputy CEO and would oversee the structural integration of the two funds. The new board will continue to reflect equal member and employer representation with one independent chair and 14 directors four of whom would be from VicSuper’s nominating bodies. Speaking of the industry consolidation currently underway, the VicSuper chief said significant inflows were predicted over the next few years. © 2020 Conexus Financial. Will there be a change to my employees’ VicSuper member numbers? This allows five business days for choice of fund contributions to be accepted and processed. “Both funds are [top-performing] funds and believe deeply in the importance of investing in a responsible and sustainable way. Get notifications in real-time for staying up to date with content that matters to you. Find my member number. 17 December 2019by Jassmyn Goh 0 Comments. The First State chief conceded that not all mergers are created equal and not all mergers make sense. VicSuper and First State Super will officially merge on 1 July, 2020 as the two funds have signed a formal merger deed. Merger to create a $120 billion investment giant First State Super will merge with VicSuper to create Australia’s second largest profit-to-member super fund, managing $120 billion in retirement savings for more than 1.1 million members. Please provide this new form to any new starters from 1 July 2020 onwards, where VicSuper FutureSaver is your nominated default fund product. Our merger discussions have been progressing well to date and we believe there could be significant benefits for members of both funds should the merger proceed. Our merger discussions have been progressing well to date and we believe there could be significant benefits for members of both funds should the merger proceed. “Last year our boards set the goal to finalise the merger by 1 July 2020; and despite the challenges posed by COVID-19 over the past six months we are pleased to say that we have brought our two funds together as planned.”. Direct debit arrangements with VicSuper will be transferred to First State Super on 1 July 2020. “While VicSuper has been a high-performing fund, our board knew that accessing scale through a merger would be key to driving value for our members into the future,” said VicSuper’s former CEO Michael Dundon. Issued by Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340, the trustee of Aware Super ABN 53 226 460 365. Our members and our employers continue to be our number one priority. This is the most ill informed comment I have ever seen. Four of our current VicSuper Directors will join the FSS Trustee Corporation board. As a result of the merger, any participating employers with VicSuper Pty Ltd will instead become participating employers of FSS Trustee Corporation from 1 July 2020 onwards. Find the information you need to make the right choices for your future. By June 2022, the plan is to reduce the size of the board to include an independent chair and 10 directors, two of whom would be from the Melbourne superannuation fund’s nominating bodies. Why? Call us or visit our website for a copy. The merger business case has confirmed there is strong cultural alignment between our funds and we’re confident we could generate significant benefits for our combined membership.”. Seek professional financial advice, consider your own circumstances and read our product disclosure statement before making a decision about Aware Super . Investment Magazine provides in-depth, monthly analysis of trends and developments for all the businesses in which superannuation funds engage‚ including asset allocation, investment manager selection, custody and fund accounting, member administration, group insurance and compliance. Members benefit from easy access to the industry’s most comprehensive range of quality financial advice and education services. Please read the following declaration, which sets out details of the new agreement. The merger between VicSuper and First State Super by way of a successor fund transfer* will result in member benefits in VicSuper Fund ABN 85 977 964 496 being transferred to the VicSuper section of the First State Superannuation Scheme ABN 53 226 460 365. You can log on to VicSuper EmployersOnline to find your employees’ member numbers, once they’ve received a payment from you. Please click on the links to the, Supporting those who support our children’s future, Key features and costs of an income stream, Engagement and advocacy – driving change through action. As a profit-to-member fund, Aware Super is proud to be managing more than $125 billion 1 on behalf of more than 1.1 million Australians. Build the right portfolio for you to manage your super and reach your retirement goals.

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