The boards of QSuper and Sunsuper are following up on a Memorandum of Understanding (MoU) they signed earlier in the year, when they began the process expected to lead to a merger.
In a statement, QSuper said the transition was significant as the two funds had a combined membership of around two million and funds under management of more than $160 billion.
“This brings with it a variety of opportunities that require detailed consideration. For this reason, discussions will continue through to the end of 2020,” QSuper said.
“During this time, the QSuper Board’s sole focus will be on ensuring that any possible merger with Sunsuper is in the best interests of our members.”
QSuper said it would continue to keep its members informed during the process, both on its website and via its monthly member newsletter.
Earlier, QSuper said it was already one of the largest funds in the country “with a proud record of creating award-winning products and services”.
“Continuing to deliver this is front of mind for the QSuper Board and we are exploring whether the merger of QSuper and Sunsuper will enhance our ability to continue to do this this,” it said.
“Both QSuper and Sunsuper are award-winning, profit-for-member funds. This means we each focus entirely on maximising the retirement outcomes of our membership. There is a great deal of alignment and common purpose that unites us,” it said.
