Anglican workers investing their superannuation with Sydney’s Anglican SuperFund can expect greater returns for their money following the announcement that the organisation is looking to merge with Christian Super, a Sydney-based inter-denominational fund.
Better retirement benefits for members, reduced annual costs, increased services and improved efficiency are ‘compelling’ reasons for members to get behind the merger, said Anglican SuperFund Chairman James Flavin.
Anglican SuperFund’s small scale means it is unable to compete with larger super funds offering expanded services such as websites, allocated pensions and financial advisory services. A merger will make such services viable, Mr Flavin said.
“The continuing effect of increases in the cost of superannuation administration and regulatory compliance can only be reduced with a substantial increase in the size of fund membership.”
Anglican SuperFund currently has 3254 members, all of whom are employed by Anglican organisations.
Christian Super began life in 1984 as the Christian Schools Superannuation Fund and provides superannuation for 11,000 employees of churches, tertiary institutions and Christian ministry groups across Australia. The Australian Baptist Retirement Fund merged with the organisation in April this year and the Churches of Christ joined in May.
“For our members we must continue to act in a way that is unashamedly Christian and manage costs in a superannuation environment of growing complexity and regulation,” Mr Flavin said. “Christian Super is a similar organisation so it makes sense to look to a closer future together.”
Discussions are continuing.