The combined industry fund will be named Spirit Super and will have around $23 billion in funds under management and approximately 326,000 members across Australia.
Spirit Super members will also be seeing a reduction in fees, MTAA Super chief executive Leeanne Turner commented.
“The details are being worked through, but there will be a drop in administration fees when Spirit Super kicks off,” Ms Turner confirmed.
“So right off the bat, members will start seeing the benefits of the merger.”
Tasplan chair Naomi Edwards said the new name was an important milestone to mark in the merger process.
“Importantly, our name will also set us apart in the market,” Ms Edwards said.
“This will help us grow, compete and continue pursuing opportunities in the best interests of our members.”
Ms Turner added both MTAA and Tasplan had been equals.
“This isn’t about a big fund absorbing a smaller fund,” she said.
“It’s about two successful funds coming together to get even better. It’s a true partnership that will provide a better super experience and outcomes to members across the nation.”
The two funds finalised their merged executive structure in September, confirming the exits of a number of executives including Tasplan chief executive Wayne Davy.
Ms Turner will retain her role as CEO leading the merged entity, while First State Super head of systematic investments Ross Barry will be joining the merged fund as its chief investment officer.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
