Kevin O’Sullivan
UniSuper, the $95b fund for the higher education and research sector, has announced it will open to new members from outside the sector from July this year, giving more people access to one of Australia’s most awarded super funds.
UniSuper was established over 35 years ago as the super fund for the higher education and research sector. It has grown to be the fifth largest superannuation fund in Australia, with more than 450,000 members and over $95b in funds under management.
From 5 July, UniSuper will welcome members from outside the higher education and research sector, while maintaining its strong affinity with and deep knowledge of the sector.
UniSuper’s CEO, Kevin O’Sullivan, said: “We’re delighted to offer more Australians the opportunity to join one of the country’s largest and best-performing super funds. We create real value for our members with strong long-term performance, excellent service and low fees.”
“We are proud to be the smart choice for members seeking a very high standard of performance. Over the 10 years to 31 December 2020 our Balanced/My Super option ranked equal first among all super funds, returning 9.0% per annum. And with more than 70% of funds managed in-house by our investments team, we deliver significant cost and performance benefits for members.”[1]</sup[>
“As we open to all Australians, our purpose remains the same: to deliver greater retirement outcomes for all members. We are focused on, and driven by, members’ best interests in everything we do. That singularity of focus is embedded deep in our DNA and culture.”
Industry shifts
“Both the higher education sector and the super industry are undergoing significant disruption. In this environment, scale is increasingly critical in delivering strong performance and competitive fees for the benefit of all members. We have scale now, and opening more broadly will enable UniSuper members to benefit from even greater scale,” Mr O’Sullivan said.
“Regulatory change and industry consolidation will significantly reshape the super sector in coming years. As the fifth largest super fund in the country and largest investor in ESG-themed strategies— with more than $10 billion in funds under management across these options—UniSuper is well placed to navigate the changing environment and welcome new members from outside the sector given our strong investment performance, leadership in sustainable investing, low fees and strong member focus.”
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