Heads of Agreement
Sunsuper and QSuper announce Heads of Agreement to merge
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 September 2021.