Kate Farrar

Queensland’s latest member-owned super fund has officially formed on July 1 with the finalisation of the merger between superannuation providers LGIAsuper and Energy Super.

With around $22 billion in member savings under management, the 120,000-member strong fund, set to be the third largest based in Queensland, will serve as a leader in the boutique profit-for-member superannuation space, offering increased size, scale and ultimately, reduced costs for members.

The merged entity will be led by LGIAsuper CEO Kate Farrar, who will also oversee the fund’s planned acquisition of Suncorp’s superannuation business, Suncorp Portfolio Services Ltd (SPSL), in the first half of 2022.

Once completed, the two transactions will see a combined fund size of around $28 billion under management with an approximate membership of 250,000.

Ms Farrar, an award-winning business leader who has led LGIAsuper for more than three years, said the successful merger of the two funds followed months of negotiations, regulatory consultation and extensive due diligence.

“In a rapidly changing superannuation sector, we need to remain agile and responsive to ensure the best outcomes for members. I believe we have done that today,” Ms Farrar said.

“The successful transition of our two organisations into one fund today, with a single MySuper product, is a credit to our staff and partners within both organisations.

“Both organisations brought similar strengths and a strong commitment to members to this partnership.

“There is now an exceptional opportunity for a merged fund with such a unique offering to deliver a personalised service that provides members with the best possible outcomes.

The two entities will continue to operate under their existing brands for the time being, with call centers, workplace visits, access to advice and great personal service remaining the same.

Members of the merged fund will be able to discuss the immediate opportunities available at upcoming seminars.

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