On 15 March 2021, Sunsuper and QSuper announced they had signed a Heads of Agreement to merge and create a $200 billion superannuation fund with two million members.
Open to all Australians, the merged fund will be unquestionably strong, with world-class capability and the scale to deliver outstanding services and lower costs for members.
The merged fund will also continue both Sunsuper’s and QSuper’s focus on working for members, not shareholders, aiming to deliver strong, long-term investment returns, and providing the tools and advice to help members feel on top of their super.
The Chair of the Board of the merged fund will be Don Luke, current Chair of QSuper, and the Chief Executive Officer will be Bernard Reilly, current CEO of Sunsuper. The Board of 13 directors will be drawn from the existing boards of the two funds.
Subject to a range of conditions, including regulatory, legislative and final board approvals, the merger is planned to proceed in November 2021.
Merged fund executives announced
On 4 June 2021, Bernard Reilly, CEO of the merged fund, announced appointments to the executive team that will lead the $200 billion superannuation fund resulting from the planned merger of QSuper and Sunsuper.
The executive team members appointed so far are:
- Chief Member Officer – Karin Muller
- Chief Growth Officer – Dave Woodall
- Chief Investment Officer – Ian Patrick
- Chief Risk Officer – Anne Browne
- Chief Technology Officer – Rod Greenaway
- Chief Strategy Officer – Teifi Whatley
- General Counsel – Deanne Wilden
- Chief of QInsure – Phil Fraser
An external selection process is underway to confirm the appointments of the two remaining executive team positions, Chief Financial Officer and Chief People Officer.
Two additional executives have been appointed to roles that will form part of the merged fund’s broader leadership group:
- Deputy Chief Investment Officer – Charles Woodhouse
- Chief of Staff – Lachlan East
The appointed executives have the right mix of expertise and experience to deliver outstanding services, greater efficiencies and lower costs for the merged fund’s two million members and their $200 billion in retirement savings.
All roles will be effective from the date of the merger, which remains subject to a range of conditions, including regulatory, legislative and final board approvals.