The merger of public sector superannuation fund, First State Super with Health Super on 30 June 2011 has created a super fund with over $30 billion and more than 770,000 members.

 

The merged fund, to continue as First State Super, will be the third largest super fund in Australia.

 

Michael Dwyer, currently the CEO of First State Super will be CEO of the merged fund, and will be supported by Deputy CEO, Chris Clausen, formerly Health Super CEO.

 

Analysis by Chant West shows that in the 11 months to May 30, Health Super generated returns of 13.2%, making it the best performing super scheme.

 

Dr Thomas Parry, the chairman of  First State Super said “The merged fund will be dedicated to creating better retirement outcomes for the hundreds of thousands of health and community service workers, teachers, public sector, police and emergency services workers who serve the Australian community.”

 

He said the merged fund builds on the shared philosophy of “Super funds for the people who care “, particularly in the health and community services sector and the education sector.

 

The merged fund will continue to operate through offices based in Melbourne and Sydney.