AUSTRALIA - The Non-Government Schools Superannuation Fund (NGS Super) and the Independent Schools Superannuation Trust (ISST) have announced they will merge on July 1 to create a AUS$1.6bn fund.
Announcing the merger, the trustee boards said the new fund would become the major superannuation provider to non-government schools in New South Walest, the Australian Capital Territory and South Australia with 75,000 members. The fund will also have a significant amount of members in Victoria.
According to reports, the Catholic Church Staff Superannuation Fund of South Australia (CCSSF), based in South Australia, will join the merger by February 1 next year.
“NGS Super is very similar to ISST in the investment options and products and services offered,” ISST said in a statement. “NGS Super has credited comparable returns to their members’ accounts and the combination of the investment knowledge of the two Boards is expected to continue these competitive returns.”
ISST chair Stephen Mathwin said the fund’s trustees had been planning to be a part of a national fund for non-government schools for many years.
South Australian and Victorian members will continue to be represented on the trustee board through the Association of Independent Schools, the South Australian Commission for Catholic Schools and the Independent Education Union.
Tom Adams, executive officer of ISST, will be the deputy chief executive officer of the new fund and Lisa Cook, client relationship manager for ISST based in Western Australia will relocate to Adelaide as marketing manager. Debby Blakey will remain the business development manager in Victoria and Elaine Santos Facchino will be the client relationship manager for South Australia.
Adams joined ISST in 1999 and is a member of the Association of Superannuation Funds of Australia (ASFA), the Fund Executives Association Limited (FEAL) and Industry Funds Forum (IFF).
NGS Super is a superannuation fund for employees in the non-government education industry with assets of about AUS$880m. ISST is a specialist industry super fund for the sector based in South Australia and Victoria with more than AUS$500, in assets.
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