AustralianSuper and LUCRF Super aim to finalise the merger by the end of the 2021/22 financial year, according to an announcement.
Both industry superannuation fund boards had approved a heads of agreement as the two funds continued advanced discussions. This followed due diligence completed by both funds.
LUCRF Super chief executive, Charlie Donnelly, said: “A successfully completed merger with AustralianSuper will provide LUCRF Super members with market leading capabilities that will provide high performing investment products and quality services”.
Also commenting, AustralianSuper chief executive, Paul Schroder, said the fund remained focused on helping members to achieve their best financial position in retirement.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.