Two of Australia’s largest industry super funds, the Australian Retirement Fund (ARF) and Superannuation Trust of Australia (STA), will merge to create a $13 billion fund open to the public.

A strategic review was undertaken by actuaries Rice Walker on the effects of the merger before the introduction of choice of funds in July.

The merged fund will have more than 1 million members and will be larger than other industry funds like Cbus, HESTA, and the Retail Employees Super Trust.

ARF and STA have a similar employer base, the Australian Industry Group and some common occupational groups, particularly in manufacturing.