Askume, Sep 18 – Telstra Super, the pension fund arm of telecoms giant Telstra
The two pension funds have signed a non-binding MoU to explore the merger and lay down a framework for its implementation.
“After considering a range of options, Equip Super was selected as the ideal merger partner as their strengths complement those of TelstraSuper,” TelstraSuper said.
Established almost a century ago, Equip Super manages more than $35 billion and manages superannuation arrangements for some of Australia’s largest companies.
TelstraSuper said the merger with Equip Super is also likely to further reduce membership fees in the future.
TelstraSuper said the fund will conduct due diligence and expects the merger to be executed through a subsequent transfer of funds by the end of 2025.
A succession fund transfer is a bulk transfer of members and their benefits from one retirement fund to another.
(USD 1 = AUD 1.4789)
