I’ve heard AustSafe Super is merging, is this true?
Yes, we’re pleased to say that AustSafe Super and Sunsuper will be merging next year and we are expecting this to be completed by April 2019.
Why is this merger occurring?
This decision has very much been made in the interests of our members and employers, with Sunsuper sharing our commitment to profit-for-members, as well as our vision and values. We’re strongly committed to rural and regional Australians, and Sunsuper helps us increase our capacity to deliver.
How will this benefit me?
Together, we are stronger in our ability to deliver industry-leading products, services, investment returns and savings to AustSafe Super members in the form of lower fees.
Both Sunsuper and AustSafe Super are recognised as market leaders in member services, having been awarded for customer excellence, strong performance and innovation in the digital space – these are all strengths we’ll build on to benefit you.
When will this happen?
There won’t be any immediate changes. At this stage, the aim is to complete the merge by April 2019 and we are working out the detailed transition execution, with more details to be shared at a later date.
Why did AustSafe Super choose Sunsuper?
We’ve held a number of merger discussions with funds that have members based in rural and regional Australia. Sunsuper was felt to be the greatest fit for AustSafe Super because both funds have a strong focus on members and employers, share complementary values and culture, and the potential to leverage scale and capabilities. There are many members who have super accounts with AustSafe Super and Sunsuper and over 70% of AustSafe Super employers already contribute to Sunsuper.
Who is Sunsuper? Do they care about rural and regional Australia?
Like AustSafe Super, Sunsuper is a based on a profit for member model (not a retail super fund) and has a long heritage of supporting rural and regional areas with around 380,000 of the Fund’s members and 40,000 employers currently living and working within these communities.
The Fund also directly invests, on behalf of members, in similar assets such as infrastructure and utilities in regional areas and this merger will create further investment in these communities through potential office expansions and support in local and other community-based programs.
Sunsuper is one of Australia’s biggest and fastest growing super funds with more than 1.3 million members and $55 billion in funds under management.
Sunsuper was the first super fund to ever win Money magazine’s Best Super Fund Manager 2018, and Conexus Financial, Chant West, Super Review and SuperRatings' Super Fund of the Year awards in a single year.
Is Sunsuper an industry super fund?
Sunsuper is a multi-industry fund. Like other industry funds, including AustSafe Super, they’re proudly run as a ‘profit-for-member’ super fund. Sunsuper are not part of the branded ‘Industry Super Funds’ network like AustSafe Super, and so the branded symbol doesn’t feature alongside their logo. Not all industry funds choose to be part of the ‘Industry Super Funds’ network, it doesn’t mean they’re not ‘industry super funds’.
When AustSafe Super merges with Sunsuper, it will no longer be part of the Industry SuperFund network, but it will remain profit-for-member and dedicated to rural and regional Australia.
Will services be disrupted?
It will be business as usual and you shouldn’t notice any disruption to services, with the exception of a short period of approximately a week, where services will be limited during the final transition period expected in late March 2019. However, we will make sure that employers and members are fully communicated with prior to this time period.
You can find out more in our media release.