MTAA and Tasplan will be known as Spirit Super after the two superannuation funds merge on 1 April, 2021.
In an announcement, the funds said Spirit Super would have a joint funds under management of $23 billion and 326,000 members.
On the name MTAA Super chief executive, Leeanne Turner, said: “What I love about Spirit Super is it captures the energy of what we’re about. It’s fresh and optimistic and innovative — everything we want to be.
“This isn’t about a big fund absorbing a smaller fund. It’s about two successful funds coming together to get even better. It’s a true partnership that will provide a better super experience and outcomes to members across the nation.”
Turner also announced there would be a reduction in administration fees for all Spirit Super members.
“The details are being worked through, but there will be a drop in administration fees when Spirit Super kicks off. So right off the bat, members will start seeing the benefits of the merger,” she said.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
What a stupid name, worse then the recently branded "Aware Super". So the rev head industry fund and the in-bred industry fund become "Spirit Super"? Then the marketing hyperbole, “What I love about Spirit Super is it captures the energy of what we’re about. It’s fresh and optimistic and innovative — everything we want to be.". Whoever wrote that had a good break next to a chemical plant. Just call in "Inbred rev-head super" and be done with it. A few less financial services jobs in Tassie shortly.
A much better name than MTAA, since its open for anyone. I like it.
I hate it...
Whats that analogy linking a certain orifice to opinions..