Toyota Super will merge with Equipsuper as the requirements for running a stand-alone corporate super fund are becoming increasingly difficult.
The successor fund transfer would be effective 1 May with Toyota Super becoming a sub-fund of Equip. The merged fund would manage $860 million in retirement savings to 5,000 members and would provide greater investment and administration scale.
Toyota Super chair, Rob Purcell, said: “Toyota Super has served members’ interests very well. However, the requirements for running a stand-alone corporate superannuation fund are becoming increasingly difficult, largely due to complex and changing superannuation regulations. We are confident this move can provide even better member outcomes.
“Equipsuper is a great partner, offering members excellent benefits, economies of scale, value for money, investment expertise and high-quality member services.”
Chief executive of the joint venture, Scott Cameron, said the move was part of a strategy of scalable growth.
“We’re open for business,” he said. “Our aim is to grow to $50 billion in funds and roughly double our membership to 300,000 in the next five years.”
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.