TelstraSuper to explore merger options
May 2, 2024
Today, the Board of Telstra Super Pty Ltd announces its intention to explore merger options for the Telstra Superannuation Scheme (TelstraSuper).
For more than 30 years TelstraSuper has had the privilege of providing members with award-winning retirement solutions, strong long-term returns, competitive fees and a leading member experience. The Fund is currently in a strong and healthy position with positive net member growth, high member advocacy (NPS of +23*) and a growing retirement segment.
After careful consideration of the Fund’s long-term strategy where size and scale are increasingly important, the TelstraSuper Board has determined that our members’ interests will be best served in the long term by seeking a suitable merger partner aligned to the Fund’s objectives and values.
Originally established exclusively for Telstra employees but now serving a much broader membership, less than one quarter of TelstraSuper members currently work for the Telstra group of companies. As well, today many new members come directly to the Fund or through other unrelated employers and not through Telstra's employment.
The TelstraSuper Board and Telstra Group came to the view that the time has come for TelstraSuper to move forward with a new separate identity from the Telstra Group. Telstra has confirmed its ongoing commitment to our Fund as their default superannuation fund. A merger will facilitate the rebranding of the Fund.
The Fund also needs to move to a new custodial arrangement due to the expiry of the current contract in 2025. Changing custodian is a significant task for the Fund, and, again, a merger will facilitate the timely replacement of our current custodial arrangements.
With members' best financial interests central to any future merger consideration, the TelstraSuper Board see this as an exciting opportunity for members as we seek to transition to become a larger entity with an industry leading range of benefits and services offered to members.
While the Fund explores merger options, there will be no change in the operations of the Fund or our commitment to helping members achieve the best retirement outcome possible.
If you have any questions about this announcement, we have created a frequently asked questions section for members. If you have any other questions or need help with any other aspect of your TelstraSuper account, please call us on 1300 033 166 between 8.30am and 6.00pm (Melbourne time), Monday to Friday.
About TelstraSuper:
TelstraSuper is an award-winning superannuation fund with more than 84,000 members and $26bn in funds under management.** The Fund is recognised for its leadership in retirement solutions, insurance and financial advice services offered to members.
*NPS – Net Promoter Score as measured by Investment Trends Super Member Engagement Report 2023
**As at 31 March, 2024