Energy Super is moving to 333 Ann Street, Brisbane, Qld 4001 on 7 December 2021.

During December 2021, appointments with a financial adviser will still be at our old Eagle Street office. From Monday 3 January 2022, appointments with a financial adviser will be at our Ann Street office. For all our new details visit our contact us page.

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Updated Q&A - Energy Super and LGIAsuper merger

Why are we contemplating a merger?

Across the superannuation industry, we are continuing to see ongoing merger activity driven by the need to drive costs lower for members whilst still maintaining exceptional levels of service.

The key reasons why Energy Super and LGIAsuper have chosen to merge our two funds, are that we are both committed to offering the same exceptional ‘boutique’ face-to-face service to our members around Queensland.  Both of our funds have seen the great benefits that a boutique fund with more size and scale can deliver to our members, whilst still maintaining this great service we both offer.

We expect that this merger will deliver benefits to both of our sets of members including increased investment opportunities, lower investment and administration fees, and greater scope to enhance products and services. It is expected that the merger between Energy Super and LGIAsuper will result in a $22+ billion fund with approximately 120,000 members, and that ultimately we will be the second-largest fund in Queensland.

What does the Heads of Agreement mean?

Energy Super and LGIAsuper have worked closely together to conduct thorough due diligence. This process has highlighted the similarities and alignment between the two funds and the potential positive outcomes for members of each fund.

As a result, the boards of both Energy Super and LGIAsuper signed a Heads of Agreement, which provides in-principle support for the merger to proceed.

This means that the merger has moved to the next stage of the process, which will focus on transition planning and a formal decision whether to continue or not.

When will we know if the merger is going to proceed?

Work is well underway on the implementation of the merger, with a focus on establishing a joint organisation and a single MySuper product to take effect on 1 July 2021.

All changes during the transition process will have minimal impact on members and take place internally.

Is there anything I need to do while the due diligence process takes place?

For now, things will remain the same and you are not required to take any action.

We expect there will be minimal impact on our members in the foreseeable future. We will keep you informed of any material decisions that may be important to you as a result of the merger.

Will I need to vote for a merger to go ahead?

No, you will not need to vote. The decision on whether to proceed with a merger is made by the Boards of each fund in the best interest of members.

What are the potential benefits to members?

Both funds are profit-for-members super funds and take a very responsible and active approach when it comes to managing the retirement savings of members.

Through the due diligence process, we have identified the following potential benefits for members:

  • Increased range of investment opportunities
  • Strong and sustainable long-term returns
  • Lower investment and administration fees
  • Access to enhanced products and services
  • Even greater presence in regional areas

By combining these two award-winning funds, we will further strengthen our internal teams and service delivery model to provide increased support, education and advice.

What will a merge mean for me?

With increasing merger activity across the superannuation industry, funds are realising the potential benefits that greater size and scale can bring for members.

This merger will result in a $22+ billion fund with approximately 120,000 members, which will ultimately be the second-largest fund in Queensland.

Following the announcement of Kate Farrar as the appointed CEO does this mean Energy Super and LGIAsuper have merged?

The announcement of the CEO has no immediate effect on the everyday business of Energy Super or LGIAsuper and the CEO for each fund will not change before the proposed merger date of 1 July 2021. Both CEOs will continue to work in collaboration during the transition period to the new merged fund until 1 July 2021.

What does this mean for our team members?

Both Energy Super and LGIAsuper have teams of very experienced and knowledgeable staff who are dedicated to providing the best possible support to members.

None of our member-facing team members will be impacted.

Overall, we expect the process we are undertaking to have minimal impacts on our people in the short-term, so they can continue to provide the high level of service and support you currently enjoy.

Is there a difference between an industry fund and a profit-to-member fund?

Like profit-for-member funds, industry funds are run with the philosophy to deliver all profits to members.  Both Energy Super and LGIAsuper are profit-for-member industry super funds.

In contrast, retail funds are run to deliver any profits directly to shareholders.