Where are you at with your super?

  • Home
  • Merger update: QIEC Super and NGS Super

Merger update: QIEC Super and NGS Super

As advised in the letter sent to QIEC Super members in March 2018, the QIEC Super Board has approved a merger with NGS Super subject to finalisation of comprehensive due diligence and risk assessment.

The due diligence/risk assessment is progressing well. An independent external superannuation ratings firm has concluded that a merger between QIEC Super and NGS Super offers positive benefits including greater operational efficiencies and a reduction in fees for QIEC Super members. The Board has noted the fee benefit to be enjoyed by members as a result of the merger and is committed to ensuring that benefit is delivered.

The independent external consultant has reported that NGS Super is a well-run fund, with no weaknesses being identified in terms of how the fund measures up as a merger partner. The due diligence review is continuing and there are no indications of the likelihood of any adverse issues arising.

The March 2018 letter to members referred to a proposed merger date of 1 November 2018. That proposed date assumed a two-phase process which included a transition period leading to a final merger date in the latter half of 2019. To avoid some unnecessary duplication and additional costs, it is now proposed to dispense with the transitional arrangement and move direct to a single merger date in mid to late 2019.

QIEC Super is here to help

We will continue to provide updates as further developments occur, including notification of the merger date once it has been clearly determined. If you have any questions please contact us on 1300 360 507 or info@qiec.com.au.