Tasplan and Quadrant have entered into a heads of agreement to look into a merger.
It comes as the funds want to see if a merger would enhance superannuation services to the members and employers of both funds.
Tasplan’s chair Naomi Edwards said the funds would bring complementary aspects to a merger.
“Improved product range and quality and expansion of services to all regional areas of Tasmania are key considerations,” she said.
Quadrant chair Brent Armstrong said a merger would benefit not only Tasmanian members but the broader community.
“A larger, stronger Tasmanian superannuation fund ensures that we retain employment and expertise within the state and maintain important local connections with our communities,” Armstrong said.
The entity would have about 115,000 members and over $3 billion in funds under management should the merger go ahead.
The Australian Prudential Regulation Authority (APRA) has modified the additional licence conditions imposed on the trustee.
AFCA’s chief executive urged member firms to up their internal dispute resolution processes in order to cut down on costs owed to the authority.
ASFA’s CEO called Joe Longo’s comments on super “unfounded and unfair”, after the ASIC chair said fund trustees don’t always “know their business”.
Less than a month after being ordered to pay $27 million for failing to merge duplicate member accounts, Australia’s biggest super fund is again the target of a suit launched by the corporate regulator.