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AusSuper public sector division results from merger
Friday, 13 April 2012 12:25pm

A Public Sector Division of AustralianSuper will cater to AGEST member needs following the merger of the two funds.

The division is designed to capture and build on AGEST's position in the provision of targeted services to public sector employees.

"This is good news for AGEST members. The Board of AGEST has identified around $13 million per annum in savings through the merger. These savings, which are a result of lower administration and investment costs, will go straight to members' accounts," said AGEST chief Cath Bowtell.

"We have also been able to secure changes to AustralianSuper's offer to reflect the current features of AGEST that our members value."

The merger will see AustralianSuper offer expanded member services in Canberra and Darwin, in addition to the introduction of daily switching.

"AGEST members have told us that they value these services and I'm pleased that AustralianSuper quickly recognised the benefit to their members of extending these to all members of the merged fund" said Bowtell.

Both funds are awaiting government relief from realising capital gains and losses when assets transfer from AGEST to AustralianSuper for merger approval.

AGEST has more than 130,000 members and $4.3bn in funds under management.

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