MTAA Super and Tasplan have entered into a binding Memorandum of Understanding to investigate a merger of the two funds, which if successful would create a national superannuation fund with more than $22billion in Funds under Management and 328,000 members.
Tasplan is a multi-industry profit-for-members super fund, managing $9.5 billion in assets for members Australia-wide, while MTAA Super is a national industry-based super fund that has served the motor trades and allied industries for 30 years, managing close to $13 billion.
The MOU will allow a potential merger to be thoroughly assessed by all parties, with the best interests of members being the key deciding factor.
Fund Chairs, Naomi Edwards of Tasplan, and John Brumby of MTAA Super, said this was an exciting opportunity to create one fund that would provide services nationally to the combined membership, with priority on providing quality services and outcomes for members.
"We anticipate that the increased scale will deliver efficiencies that can be passed on to members by way of product and service improvement, competitive fees and returns," Ms Edwards and Mr Brumby said.
"While there is still much work to be done, we are excited by the prospect of building a fund of significant scale, enjoying widespread national membership and offering further improvements in benefits to our members over time."
