Consolidation has been an enduring feature of the superannuation environment for more than a decade, with the big question for many funds not so much “if” but “when?” they would undergo a merger or acquisition. Scale, with its consequent efficiencies and ability to reduce the cost base in line with the member outcomes test, is probably the most frequently cited primary motivation for such a move. However, in the NGS experience, scale was just one of many other considerations that led to our recent merger with QIEC. In our case, for example, the “when?” question was preceded by another, arguably...