UniSuper and Australian Catholic Superannuation announce $115B merger

Superannuation fund Australian Catholic Superannuation (ACS) has completed a successor fund transfer (SFT) with UniSuper, with its 80,000 members joining the $105 billion fund.

ACS CEO Greg Cantor and UniSuper CEO Peter Chun

ACS’s $10 billion under management will bring the UniSuper fund to $115 billion, growing the fund to 620,000 members.

According to UniSuper CEO Peter Chun, “Scale offers opportunities for the fund, keeping downward pressure on fees, ensuring that UniSuper can continue to leverage our position as an active investor, and unlocking investment opportunities that simply aren’t available to smaller funds. All of these factors position UniSuper to continue serving our members’ best financial interests.”

ACS members with a super account or pension had their accounts closed on the 30th November and were transferred to UniSuper on December 1.

ACS members joining UniSuper under the merger will not be able to make transactions on their super on pension accounts between December 1 and December 12 as the membership transfers take place.

“We’re really pleased to welcome members formerly from ACS to UniSuper. With all members set to benefit from increased scale, we are looking forward to this new chapter in UniSuper’s history. Our focus will continue to be on achieving amazing retirement outcomes for our members, new and old, and ensuring a smooth transition for those joining us from ACS,” said Chun.

Both funds have worked on the merger for months, preparing for a successful transition, according to a spokesperson.

According to ACS CEO Greg Cantor, “Our mission has always been to enable the best retirement outcomes possible for our members. After considerable due diligence, I am confident this merger delivers on that goal for our members. We have been very pleased with the cultural alignment of our fund with that of UniSuper and their commitment to work closely with our members and employers in Catholic agencies and Catholic schools.”