On 1 March 2025, Active Super merged with Vision Super, creating a fund of around 165,000 members and more than $28 billion in funds under management. The merged fund is almost double Active Super’s size, and CEO Stephen Rowe explains that such a significant increase in scale is good news for members.
“We continue to focus on generating strong investment returns, underpinned by excellent customer service,” Stephen says. “But now, as a bigger fund, there’s more opportunity to improve efficiencies and continue to reduce costs for members.”
As an example, Vision Super brings to the table in-house administration, which Stephen says allowed the merged fund to deliver immediate wins on administration fees.
For members who transferred from the former Active Super Accumulation Scheme, the percentage-based administration fee reduced from 0.24%p.a. to 0.14%p.a. and is now capped at $540.
Example below of the fees and cost reduction for a representative member with a $50,000 balance
Meanwhile, account-based pension members had their administration dollar-based fee removed saving them $66.04 p.a. and their asset-based administration fees are now capped at $1,050, also equating to savings for most members.
Retirement Scheme members had their fees capped at $1,050 p.a. meaning that no more than $1,050 of percentage-based administration fees will be deducted from the combined total of their Contributor Financed Benefit and Other Contributions account, or, from their Deferred Benefit account.
In addition, the merged fund has moved from two separate insurers to a single provider, MLC Life, delivering lower premiums for most insured members.
While it might feel like a big change, Stephen says that the fundamental values of the merged fund remain the same. Vision Super is a not-for-profit industry super fund that was founded in 1947 to serve Victorian local government, water and related sectors.
“Before the merger, both funds had shared values and strong links to the community. I don’t see that changing now that we’re one fund,” he says.
In addition to having offices in Melbourne and Sydney, the fund has a great regional presence with people on the ground throughout Victoria and NSW.
“We believe face-to-face service is important to our members and we know it’s important to USU members as well,” he says. “We’re looking forward to continuing that tradition and working directly with as many USU members as we can to help optimise their retirement outcomes.”
This information is general advice which does not take into account your personal financial objectives, situation or needs. Before making a decision about Vision Super, you should think about your financial requirements and consider the relevant Product Disclosure Statement and Target Market Determination. Issued by Vision Super Pty Ltd ABN 50 082 924 561 AFSL 225054.
