Australia’s newest industry superannuation fund is also the country’s largest. AustralianSuper is the $20 billion result of a merger between two former heavyweights – the Australian Retirement Fund and the Superannuation Trust of Australia.

Launched last week, the fund will begin operating officially from July 1 this year.

Chairman Geoff Aston says the new platform will have more than 1.1 million members, representing more than 10% of the Australian workforce. It will have about $20 billion in funds under management.

“Members will have access to an extended range of 15 member investment options,” he said. “In-house retirement income options are also on the agenda.”

AustralianSuper will carry on the business model for industry funds, with all profit being redirected to members.