Equipsuper has merged with a corporate superannuation plan that will add $860 million of assets to the fold.
The $16 billion superannuation fund will manage the retirement savings of Toyota Super's 5000 members.
Toyota Super chair Rob Purcell said the move is in the best interests of members and will provide greater investment and administration scale.
"Toyota Super has served members' interests very well. However, the requirements for running a stand-alone corporate superannuation fund are becoming increasingly difficult, largely due to complex and changing superannuation regulations. We are confident this move can provide even better member outcomes," he said.
In 2017, Toyota closed its manufacturing operations in Australia after 54 years, transitioning instead to a sales and distribution function based in Melbourne. The number of employees was slashed from 3900 people to just 1300 at the time.
At the end of FY20, Toyota Super's MySuper option returned -0.80% per annum; over five and 10 years it generated 5.2% p.a. and 7.3% p.a. respectively.
The product has been on APRA's underperformance radar for delivering sub-par returns over a five-year period, according to the latest heatmap results.
Equipsuper and Catholic Super chief executive Scott Cameron said the merger marks another step forward in building on the funds' joint venture announced in 2019. Catholic Super at the time brought in $11 billion in assets to create a $26 billion entity.
"Our aim is to grow to $50 billion in funds and roughly double our membership to 300,000 in the next five years," Cameron said.
"We're drawing on our track record of managing complex defined benefits and member transitions. Our focus is on ensuring members experience the benefit of consolidation, while maintaining the exceptional service and returns."
Read about Cameron explaining the ins and outs of navigating a merger here.