WA Super in merger talks with interstate funds

WA Super has disclosed a memorandum of understanding has been signed with two interstate superannuation funds to create an entity that would manage around $23 billion in assets for about 347,000 members.

A spokesperson from WA Super confirmed it has signed an MOU with South Australia-based Statewide Super and Tasmania-based Tasplan Super to begin exploratory conversations about the possibility of a merger.

“A memorandum of understanding exists to explore the possibility of a merger and is not a heads of agreement to merge,” the spokesperson said.

“A merger will only occur if, as part of this process, it is agreed that a merger will be in the best interests of the members of the three funds.”

WA Super is a not-for-profit super fund that commenced in the early 1980s. It originated from a history in local government but is now open for anybody to join from within Australia.

It manages more than $3.5 billion of assets for around 60,000 members and is able to be nominated as a default fund.

Over 4,000 Western Australian businesses contribute to WA Super on behalf of their employees.

Tasplan is a profit-for-members super fund, managing over $9 billion in assets for around 138,000 members.

Statewide Super manages around $8.5 billion of assets for about 149,000 members.