Fraser to step down from chair role when Sunsuper and QSuper merge

Queensland superannuation giants QSuper and Sunsuper have signed an agreement to merge, which will result in a $200 billion fund serving more than 2 million Australians.

The merger is scheduled for completion in September.

The leadership team has been set, including QSuper chair Don Luke becoming the chair of the joint organisation.

Current Sunsuper chair Andrew Fraser will become a member of the 13-person board.

In a joint statement, Luke and Fraser said that the new board has the skills, diversity, and expertise to deliver the high standards of governance needed for one of Australia's biggest superannuation funds.

"The Board brings together directors from a range of backgrounds, each bringing sound judgement and strong commercial acumen, as well as unique skills that ensure diversity of thought and an ongoing culture of putting members first, which will define the merged fund from day one."

QSuper's Bernard Reilly will become the chief executive fo the merged fund.

Fraser joined the Sunsuper board in 2015 and became chair in 2018. He previously was a Queensland minister, serving from 2006-2012. He was named Deputy Premier in 2011 and held the post for seven months. He's held directorships on the Australian Sports Commission, New Zealand Rugby League, and was a member of the Griffith University Council.

Additionally, he's been a director with ASFA since late 2020.