The Board of TelstraSuper, an Australia-based superannuation fund, has decided to terminate the heads of agreement that proposed a merger with Equip Super, another Australian super fund.
The board has concluded that it is not in TelstraSuper members’ best financial interests to proceed with the proposed merger.
“Bringing together two medium-sized funds is a complex process. As the merger process has progressed, and particularly in the period since the binding agreement was signed, it has become evident that TelstraSuper is unlikely to achieve our objectives for the merger, in the best financial interests of the fund's members. As a result, the board has made the decision to bring planning of a proposed merger to a close. The board believes this is the right outcome for members,” according to a statement from the organization.
