Merger Frequently asked questions - General

Frequently asked questions

Why did Concept One merge with WA Super?

In the last 10 years, there has been significant changes within the super industry, which made it challenging for funds like Concept One to continue to deliver member benefits cost-effectively. This was one of the reasons Concept One began a review process in 2016 to identify opportunities that would serve the members best interests.

On 9 February 2018, Concept One merged with WA Super at which point Concept One members were transferred into WA Super, building the scale and efficiency of Western Australia’s only, not for profit, public offer super fund.

Any merger must be in the membership’s best interest and overall, the level of services and benefits must be maintained, or better than the existing arrangement with Concept One. Due to WA Super’s superior economies of scale, access to our financial advisory services and the ability to continue to service members and employers locally, this merger offered a number of enhancements to member’s existing benefits and was in their best interest.

Who is affected by the change?

The change affected all Concept One members. There was no impact to WA Super members.  However by growing our member numbers and ultimately our funds under management, it helps WA Super to benefit from economies of scale, which in the long run benefits all our members.

How did Concept One members benefit from this transfer?

  • Lower fees due to a competitive and simple fee structure with WA Super.
  • A menu of 9 investment options.
  • Seamless continuation of your insurance arrangements where applicable, with a reduction in insurance premiums for the majority of members.
  • Access to a range of tools and educational resources to help you manage your super.
  • Access to financial planning advice so you can stay on track with your retirement planning.
  • Access to a retirement pension account for when you retire or move into retirement.
  • Professional and expert service from our dedicated contact centre and account managers.
  • Face to face employee programs.

How did the merger benefit WA Super members?

This was a positive move for all WA Super members. To stay competitive in the ever-changing superannuation environment, we are always looking to identify ways that WA Super can grow and expand. Growing our member numbers and ultimately our funds under management helps WA Super to benefit from economies of scale.

This is important because greater scale enables us to achieve efficiencies that can lead to lower operational costs per member. This translates to higher net returns over the long term and means our fees also remain highly competitive. Greater scale also facilitates the introduction of new and improved services.

When did the merger occur?

The transfer date for the merger was 9 February 2018 at which point Concept One members were transferred to WA Super and invested in options comparable to those offered in Concept One.

Do I need to give my new WA Super member number to my employer?

No, you do not need to provide your new member number to your employer. Your old member number and personal details will be sufficient to allocate your superannuation into the newly merged account. All members received their new Client Number in their Welcome Letter, which was sent in March.

WA Super provided all employers the information they needed to make the required changes to their systems to ensure all Super Guarantee payments continued smoothly after the transition has occurred. If your employer has queries about their contributions ask them to contact us on (08) 9480 3500.

What is a Successor Fund Transfer?

Successor Fund Transfers (SFT) are regulated under the Superannuation Industry Supervision Act 1993 and the Superannuation Industry Regulations 1994. It involves the transfer of members and their benefits from one fund to another fund.

With any successor fund transfer, it is the Trustees’ responsibility to ensure members have equivalent rights. This means any merger must be in the membership’s best interest and overall, the level of services and benefits must be maintained or are better than the existing arrangement on offer from Concept One. Due to WA Super’s superior economies of scale, access to their financial advisory services and the ability to continue to service members and employers locally, this merger offers a number of enhancements to Concept One member’s existing benefits and will be in their best interest.

Why was this decision made?

The ongoing rationalisation and legislative changes within the superannuation industry over the past 10 years has proved challenging for smaller funds; particularly with maintaining low fees and providing associated member services.

Therefore to continue providing the best possible retirement outcomes for their members, Concept One began to explore options to maintain its high standards of operational effectiveness and efficiency, without compromising member services, servicing and entitlements.

Will fees increase for Concept One members? 

No. They will actually decrease. WA Super fees are lower than Concept One fees.

Example – default option (MySuper) with a balance of $50k

Concept One

WA Super

Investment fee

$375pa (0.75%)

$260pa (0.54%)

Administration fee ($ p.a) 

$91pa ($1.75 pw)

$72.80pa ($1.40 pw)

Administration fee (% of account balance p.a)

$100pa (0.2%)

$40pa (0.08%)

Indirect Costs

$195pa (0.39%)

$170pa (0.34%)

Total per annum



Will Concept One members incur any costs in this merger?

No direct costs for this transfer have been charged to members. Estimated costs for these types of transfers are paid from a reserve that has been set aside expressly for this purpose.

Who was involved in making this decision?

The Trustee of Concept One undertook a review of options available in the marketplace, with the assistance of an independent consultant specialising in corporate superannuation funds. After investigating current arrangements, the Trustee resolved to proceed with a merger with WA Super.

Why was WA Super selected?

WA Super has its origins in looking after Local Government and West Australian employers. 

The synergies between both funds are numerous and complementary, including values of respect, transparency and high quality, personal servicing, similar investment options and WA based headquarters.

The combined entity now manages over $3.5 billion on behalf of 60,000 members.

Both Trustee Boards are delighted about the merger between two Western Australian super funds. The signing of the SFT Deed is the culmination of many months of due diligence by both funds and from independent external advice.

Do Concept One members have to do anything now?

Concept One members should take the time to read the Welcome Letter that has been sent to them. If any information is incorrect, please contact us as soon as possible on (08) 9480 3500.

What will happen to existing insurance cover?

Insurance cover held by Concept One members will be transferred to WA Super at the same level of cover they held as at the transfer date. Most members will pay less for their insurance.

When the new WA Super account commences, insurance cover will automatically transfer to TAL Life Ltd. There will be certain changes which have been outlined in the Member Transition Brochure which has been sent to Concept One members.

What if a Concept One member already has a WA Super account?

A new super account with WA Super will be opened at the time of the transition. This is to ensure the transfer of the Concept One account into the new WA Super account occurs seamlessly and accurately, and any insurance cover a member has is maintained. After the transfer, WA Super will contact Concept One members to discuss consolidating funds and insurance into one WA Super account.

Who to contact for additional questions?

Please contact us on (08) 9480 3500 with any questions or email us on and we’ll get back to you.

What is WA Super’s investment approach?

WA Super has sufficient scale to manage its members’ retirement savings with a robust, institutional quality investment process. This is supported by a capable and experienced Trustee Board and Investment Committee. WA Super’s investment approach is clearly articulated in a set of investment beliefs and principles that guide all investment decision making at WA Super.  WA Super’s investment approach is to build portfolios at a reasonable cost, that are:
What is WA Super’s investment approach?

  • Diversified
  • Simple
  • Focused on risk and objectives

How does WA Super manage its investment operations?

An internal investment team is employed by WA Super to manage the day-to-day investment operations. The team assists the Investment Committee (IC) and Trustee Board in making appropriate decisions that are consistent with WA Super’s investment beliefs and principles and that are in the best interests of its members.

The investment team also work closely with an Asset Consultant and various professional external investment managers to utilise expertise and advice and ensure WA Super effectively manages its investments.

Will the name of my investment option change in the new WA Super fund?  

Yes, when your balance is transferred to WA Super, you will be invested in a comparable investment option. The table below displays the name of your new WA Super investment option.

Concept One


WA Super


Diversified High Growth

MySuper Balanced



Diversified conservative



Are there any other investment options available at WA Super? 

Yes, at WA Super you can take control of your super by choosing how your super is invested.

We offer a total of nine different investment options to choose from. If you do nothing then your investment will be placed into a comparable investment option as outlined above. 

Investment options - Super Solutions

Investment options - Retirement Solutions

My WA Super (default option for Super Solutions product)

Diversified High Growth

Diversified High Growth

Diversified Moderate (default option for Retirement Solutions product)

Diversified Conservative

Diversified Conservative

Australian Shares

Australian Shares

Global Shares

Global Shares

Sustainable Future

Sustainable Future

Property and Infrastructure

Property and Infrastructure





Updated 24 April 2018. 

Download PDF
Return to top