NGS Super and Australian Catholic Superannuation and Retirement Fund plan to merge.
The combination of Melbourne-based NGS Super and Sydney-based Australian Catholic Super would create "a A$21 billion ($15 billion) superannuation fund with approximately 200,000 members," according to an Australian Catholic Super news release Tuesday.
In line with the spate of other fund mergers announced over the past year or two, NGS and Australian Catholic stressed the importance of scale and size in continuing to deliver good results.
"The merging of the funds will ensure the future security and sustainability of benefits to the members of both funds and deliver improved services and economies of scale," the Australian Catholic Super release said.
NGS Super currently oversees A$12 billion in retirement assets, while Australian Catholic Super looks after roughly A$9 billion.
A spokeswoman for NGS said the merger is due to be completed at the end of 2021.
Greg Cantor, CEO of Australian Catholic Super, will be CEO of the merged super fund, while Dick Shearman, chair of NGS Super, will retain that title as chairman of the merged fund. Laura Wright, CEO of NGS Super, will become deputy CEO of the combined fund.
The announcement comes a little more than a year after NGS Super merged with A$1.5 billion, Brisbane-based QIEC Super.