Equip settles BOC Super merger
Equipsuper announced its merger with BOC Super was successfully finalised on 1 November, bringing 3,000 members with $765 million in retirement savings to the multi-sector fund.
Scott Cameron, CEO of Equip, said the fund was looking forward to welcoming the new members and providing them with products and services to help them prepare for retirement.
“It became clear early on that BOC Super was a great fit for Equip, as over its long history, it’s shown the same commitment as Equip to putting its members first.
“This merger will bring a raft of member benefits, including access to the investment earnings of a larger, more diverse investment pool, greater investment choice and low investment fees,” he said.
The Trustee of BOC Super said that a large ‘profit to member’ fund like Equip is better positioned to deliver a high level of choice and services to BOC Super members amid the rapid pace of change in the superannuation industry.
“We’ve drawn on our strong track record when it comes to managing mergers to ensure the smooth transition of new members to the fund, so they can access the benefits of consolidation,” Cameron said.
Following the merger, BOC Limited – the employer of BOC Super members – will continue super contributions of up to 13% and meet the cost of standard insurance and administration for its employees.
The merger with BOC Super highlights Equip’s leadership in the superannuation industry, after Equip made other successful mergers and joint ventures with Toyota Super earlier this year and Catholic Super in 2020, respectively.
“We’re well positioned for growth, and very much open for business. This merger supports our strategic goal of growing to $50 billion in funds under management and roughly double our membership to 300,000 in the next five years,” Cameron said.
SuperRatings recently named Equip as one of the top 10 funds for investment returns over the past year and have also been in the top 10 for the past decade.