TelstraSuper and Aware Super have completed their merger, moving about 85,000 TelstraSuper members into a larger fund.
The transfer was carried out through a Successor Fund Transfer, creating a superannuation fund with about 1.3 million members and more than AUD $235 billion in funds under management. The funds began exploring the deal less than a year ago, signed a Heads of Agreement, and completed the transfer at the end of April.
The combination brings TelstraSuper's membership base into one of Australia's largest profit-to-member superannuation funds. Aware Super will maintain elevated support and extra staffing in the coming weeks as members submit questions and requests related to the move.
The merger comes as scale remains a central theme across Australia's superannuation sector, with funds pursuing combinations to spread costs across larger member bases and broaden services.
Deanne Stewart, chief executive officer of Aware Super, described the completion as an important step for both organisations.
"This merger is a significant achievement in the history of Aware Super and TelstraSuper and enables members to benefit from the deep retirement and advice capabilities of both organisations, greater scale and enhanced member outcomes.
"Remarkably, it has been achieved in only 9 months, which speaks to the alignment of values and strong execution capabilities of both organisations.
"We are thrilled to welcome TelstraSuper members to Aware Super and excited at the opportunities ahead to help them achieve their best possible retirement.
"Our sincere thanks to the TelstraSuper Board, Executive and broader team for their dedication to their members and making the merger a success," Stewart said.
Former TelstraSuper chief executive officer Chris Davies also commented on the completion of the transaction.
"We're pleased to see the merger successfully completed, and proud that TelstraSuper has joined the right partner to support our members' long-term best interests. Aware Super shares our deep commitment to members and is well placed to continue delivering strong retirement outcomes.
"Congratulations to everyone involved across both organisations for their hard work and unwavering focus on supporting our members, now and into the future," Davies said.
Member transfer
The completed transfer means TelstraSuper members are now part of Aware Super's administration and service framework. The fund will continue a period of heightened support and additional resourcing to respond promptly to member enquiries and requests during the transition.
The timetable shows a relatively swift process for a transaction of this size. The funds first disclosed plans to examine a merger in July last year, reached a Heads of Agreement in October, and executed the Successor Fund Transfer on 30 April.
Sector scale
Consolidation has reshaped the Australian retirement savings industry in recent years as trustees face pressure to demonstrate value, governance standards and operational resilience. Larger funds argue that scale can support broader member services and absorb rising technology, regulatory and administration costs.
For TelstraSuper, the merger closes its period as a standalone fund. For Aware Super, the transaction strengthens its position among the country's biggest superannuation providers, lifting total membership and taking funds under management above AUD $235 billion.
After the merger, the enlarged fund has about 1.3 million members and more than AUD $235 billion in funds under management.