LAWYERS, judges and barristers' superannuation will come together as three of Australia's major legal super funds form a $1.1 billion group.
Australia's largest legal industry super fund, LegalSuper, has announced a merger with with the $140 million Victorian Bar Superannuation Fund, and the Blake Dawson Partner's Superannuation Fund.
The mergers will bring more than 36,000 total members under one superannuation roof, seeing the group secure nearly 30 per cent of the legal profession's funds. The union nearly doubles self-employed members, which includes judges, barristers and partner in law firms nationally.
The mergers come after the government's recently announced merger rollover relief for super funds, which LegalSuper chief executive Andrew Proebstl said "has been instrumental in both mergers proceeding".
Proebstl said the Victorian Barrister's Superannuation Fund and Blake Dawson Partner's Superannuation Fund's decision to merge with LegalSuper was in part due to members' access to an expanded range of products and services.
The growing cost of the expanding regulatory regime was also a significant factor, he said.
“We are pleased to welcome Phil Kennon SC, former Chairman of the Victorian Bar Superannuation Fund, to the Board of Legal Super Pty Ltd," said legalsuper chairman, David Miles.
“Following the merger, John Ames, former Fund Secretary of the Victorian Bar Superannuation Fund, had joined legalsuper and will continue to serve the Victorian barrister community."