Media Release: NGS Super and Australian Catholic Superannuation merger will not proceed
NGS Super and Australian Catholic Superannuation have confirmed that, following discussions and extensive due diligence over the last 12 months, the funds will not merge.
Since the announcement of the planned merger in August 2020, the regulatory and commercial environments have changed considerably.
Both funds will continue to focus on delivering the best outcomes for their members to help them achieve a financially secure future.
NGS Super’s Chair Dick Shearman said, “Our members’ interests have always been at the core of this proposed merger and after very careful consideration we’re confident the best outcome is for both funds to continue independently.”
ACS’s Chair David Hutton said, “We also remain committed to acting in the best financial interests of our members and will continue with our strategy to achieve greater scale into the future”.
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About NGS Super: Since its establishment in 1988, NGS Super has grown to become the leading industry super fund for those in non-government education and community organisations. Anyone can join NGS Super. With around 120,000 members and 11,000 employers entrusting the fund with over $13 billion in their retirement savings, NGS is run only to benefit our members.
About Australian Catholic Superannuation: Australian Catholic Superannuation is the fund of choice for the Catholic sector in Australia and is open to anyone eligible for superannuation. Over 85,000 members and more than 15,000 participating employers nationally have selected Australian Catholic Super as their choice of superannuation fund. As a not-for-profit super fund, it exists solely for the benefit of its members, looking after over $10 billion in funds under management.