A longstanding corporate retirement fund is merging with an $8.6 billion industry superannuation fund.
Members of the Fairbrother Employee Retirement Fund have had their super savings rolled over to Tasplan under a new agreement reached between the two funds.
The now $18 million Fairbrother Employee Retirement Fund was established in 1984 to provide superannuation benefits to employees of Tasmanian building construction, joinery and facilities management company Fairbrother.
Fairbrother employs more than 500 people across Tasmania and regional Victoria. Members of the corporate super fund will now join Tasplan's existing 145,000 members.
Tasplan chair Naomi Edwards said the fund is thrilled to be aligning with another longstanding Tasmanian business.
"We welcome the opportunity to work with Fairbrother and recognise the importance of preserving the 38-year heritage of the Fairbrother Employee Retirement Fund," Edwards said.
Fairbrother employees will continue to benefit from lower fees, as well as more investment options and financial advice and support from the Tasplan team, she said.
"We have a long relationship with Fairbrother and we are committed to providing the best value for their members by helping them look after their financial health now and into the future," Edwards added.
The merger took place yesterday.