Vision Super and Active Super will merge to create a $27 billion fund with 170,000 member accounts, and a broader geographic presence across NSW and Victoria.
Vision Super CEO Stephen Rowe has been appointed CEO of the merged fund.
Active Super CEO Phil Stockwell will depart, and deputy CEO Donna Heffernan will serve as acting CEO until the merger is complete.
Members will be kept informed as the proposed merger progresses, which is expected to be completed around mid-2024.
Vision Super was founded in 1947 for local government and authorities workers and today manages about $12.5 billion for around 80,000 members in both the accumulation and retirement phases.
Active Super, formerly known as Local Government Super, was established in 1997 and manages around $13.5 billion in superannuation assets for over 80,000 members.