TelstraSuper has announced it is exploring a potential merger with Aware Super, the nation’s third-largest superannuation fund. This move follows TelstraSuper’s decision to terminate a similar agreement with EquipSuper just months prior. TelstraSuper, a corporate fund managing approximately $27 billion, cited that a merger with EquipSuper was “unlikely to achieve our objectives for the merger in the best financial interests of the fund’s members”.
The announcement signals a renewed focus on strategic growth for TelstraSuper. TelstraSuper’s chairwoman, Anne-Marie O’Loghlin, characterised the potential merger as a “significant opportunity”. The fund anticipates that the proposed merger will provide tangible benefits to its members.
According to O’Loghlin, these benefits are expected to include reduced fees, a broader range of investment options, and a nationwide service network. These improvements are designed to better support TelstraSuper members in planning for and transitioning into retirement. TelstraSuper declined to comment on the specific reasons for choosing Aware Super over EquipSuper.
TelstraSuper is the superannuation fund for current and former employees of Telstra. Aware Super is one of Australia’s largest super funds, managing the retirement savings of over one million members.
