UniSuper

UniSuper — Australian industry superannuation fund; official AUD ~$158bn at 30 Jun 2025; CEO Peter Chun; CIO John Pearce. Disambiguation: ≠ USS ≠ AustralianSuper ≠ Aware Super.

UAO Editorial September 11, 2026 44 min read

UAO Registry · Top 100 · Rank 64 · Industry superannuation (profit-for-member) · Australia · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

UniSuper is one of Australia’s largest profit-for-members industry superannuation funds. The Fund’s ABN is 91 385 943 850. The trustee is UniSuper Limited (USL), ABN 54 006 027 121. Administration and AFSL advice sit with wholly owned UniSuper Management Pty Ltd (USM), ABN 91 006 961 799, AFSL 235907 (Modern Slavery Statement 2024–25; annual review boilerplate). UniSuper is not a sovereign wealth fund, central-bank reserve manager, or government department.

Prefer official Australian dollars (AUD / $ as printed in UniSuper documents). Opened dated scale prints for this pack: the 2024–25 annual review cites approximately $158 billion net funds under management and approximately 670,000 members at 30 June 2025, describing UniSuper as the fourth-largest super fund in Australia (footnoted claim). The Summary of the Actuarial Investigation states audited fair value of assets $157,969.3 million and net market value $157,519.3 million at the same date (prior-year net market value $138,760.2 million at 30 June 2024). Do not invent a USD headline when UniSuper publishes in Australian dollars.

Leadership for this 11 September 2026 research pack: Chief Executive Officer Peter Chun; Chief Investment Officer John Pearce; Chair Mark Armour (annual review Chair & CEO letter). Live UAO Instantiations ranking (rank 64) lists the same CEO/CIO pair with last-verified 2026-06-01. CFO Anastasia Bakolas appears on the live Instantiations leader list; elevate only with matching annual-review Executive Leadership Team confirmation when citing biography depth.

Why researchers care: UniSuper combines a higher-education heritage with an open-to-all mandate, a still-active Defined Benefit Division alongside accumulation and pension products, high internal management share (MSS: over two-thirds of FUM), and a CIO communication stack (quarterly videos / Firstlinks FY reflections) that is unusually transparent among Australian industry funds. Related Registry hubs include AustralianSuper and Aware Super (peer Australian industry funds—do not conflate), CalPERS, CPP Investments, NBIM, and Ontario Teachers’ Pension Plan.

Speakable summary

UniSuper is a large Australian profit-for-members industry superannuation fund, separate from AustralianSuper, Aware Super, and the UK’s USS. Prefer official AUD figures: approximately $158 billion net funds under management and about 670,000 members at 30 June 2025. Peter Chun is Chief Executive Officer. John Pearce is Chief Investment Officer. Mark Armour chairs the trustee board. The Defined Benefit Division remained in surplus on the 30 June 2025 actuarial measures. Over two-thirds of funds under management are managed internally per the Modern Slavery Statement 2024–25.

Mandate & ownership

UniSuper’s published purpose centres on providing great retirement outcomes for members. As an industry fund, profits are described as being returned for member benefit rather than paid to external shareholders (annual review membership snapshot language).

Legal chain opened in primaries: UniSuper (the Fund, ABN 91 385 943 850) is operated by trustee UniSuper Limited. USL owns UniSuper Management Pty Ltd, which administers the Fund and holds AFSL 235907 for advice activities branded UniSuper Advice. MSS states USM is wholly owned by USL and that USM’s CEO is Peter Chun.

Heritage language in the Modern Slavery Statement and annual review: origins in the higher education and research sectors; the Fund is now open to all Australians. Participating universities historically appear as shareholders of the trustee company; the annual review board narrative notes a path toward fewer university shareholders after institutional mergers (e.g., University of Adelaide / University of South Australia references in the 2024–25 board text).

What the mandate is not: UniSuper is not the UK Universities Superannuation Scheme (USS); not AustralianSuper; not Aware Super; not a Commonwealth sovereign wealth vehicle; and not APRA itself. APRA appears in the annual review as the prudential regulator context for annual performance tests—not as owner.

Disambiguation

  • ≠ USS (UK): Universities Superannuation Scheme is a United Kingdom scheme for university staff. Different jurisdiction, regulator, AUM currency, and leadership.
  • ≠ AustralianSuper: Separate Australian industry fund with its own trustee, already live on UAO at /registry/institution/australiansuper/.
  • ≠ Aware Super: Separate Australian industry fund (First State Super / VicSuper heritage; Aware brand), already live at /registry/institution/aware-super/.
  • ≠ “university endowment” pools: UniSuper is a regulated superannuation fund for members’ retirement savings, not a single-university endowment office.

Scale & portfolio

Scale ladder from opened primaries (AUD): approximately $158 billion net FUM and ~670,000 members at 30 June 2025 (annual review); actuarial net market value $157.519 billion and fair value $157.969 billion at the same date; prior-year actuarial net market value $138.760 billion at 30 June 2024. CIO John Pearce’s 29 July 2026 Firstlinks FY2026 reflection states funds under management were then approaching $175 billion—label as CIO commentary after YE2025, not a substitute for the audited 30 June 2025 prints.

Portfolio architecture (annual review): pre-mixed options (Conservative through High Growth, including Sustainable Balanced) and sector options (Cash, Australian Shares, International Shares, Listed Property, Australian Bond, and related sleeves). Strategic asset allocation tables printed as at 30 June 2025 show material sleeves to Property and to Infrastructure and Private Equity inside several premixed options. Live SAA updates are directed to unisuper.com.au/investments and the How We Invest Your Money document.

Defined Benefit Division assets are carved out in the actuarial summary: DBD assets including pensions about $35.871 billion at 30 June 2025 after subtracting accumulation balances, account-based pensions, and reserves from total fund net market value. Accumulation account balances were about $91.602 billion and account-based pension balances about $29.076 billion at that date (actuarial table).

Governance & leadership

Trustee board (annual review): the Board determines strategic direction and governs operations in members’ and participating employers’ interests. Structure described: eight representative directors with equal numbers for employers and members, who then appoint three independent directors (eleven directors total on USL). MSS adds that the USM board replicates USL directors plus an additional director who is currently the Chief Executive Officer of USM (Peter Chun).

Chair Mark Armour and CEO Peter Chun co-sign the 2024–25 Chair and CEO letter. CIO John Pearce is repeatedly identified in the annual review (investment letter cue; video/podcast references) and in the July 2026 Firstlinks FY reflection.

Board changes called out for 2024–25 in the annual review people section include Professor Hazel Bateman (appointed 12 November 2024; member-elected Consultative Committee path) and Rebecca McGrath AM (independent director from 1 December 2024). Named directors in the opened people extract also include Sandra Harding AO and Dr Stephen Weller among others. Use the annual review director pages as the name authority; do not invent committee seats.

Executive leadership: beyond CEO/CIO, live Instantiations lists CFO Anastasia Bakolas. National footprint language in MSS: approximately 1,000 employees across Melbourne, Sydney, Adelaide, Brisbane, Canberra, Hobart and Perth (corporate, street-front, and campus presence).

Investment philosophy

Official option objectives in the annual review emphasise returns after taxes and investment expenses (before fees in the printed objective framing) across risk-graded premixed portfolios. SAA text stresses long-term targets, Trustee-approved tolerance ranges, and the possibility of altering composition as markets change. Currency hedging of international exposures may vary by currency and may be partial or nil.

CIO communication is a distinctive UniSuper feature: the annual review points members to quarterly video updates from John Pearce and monthly podcasts from investment leads, with the Firstlinks FY2026 piece linking back to unisuper.com.au/investments.

Internalisation is material: MSS states over two-thirds of FUM is managed internally, with engagement and ESG processes applying across the portfolio. Private markets appear inside premixed SAAs via Infrastructure and Private Equity lines; Listed Property is offered as a sector option with Australian and international REIT splits in the printed SAA.

Climate / ESG / ethics

Primary ESG operations source for this pack is the Modern Slavery Statement 2024–25, approved by the USL/USM boards and signed by Peter Chun as Chief Executive Officer. It describes governance through Finance and Risk Committee escalation to the Board, supplier thresholds, engagement with investee boards, and education for staff and members.

The Statement frames UniSuper’s scale (~670,000 members; ~$158 billion net FUM at 30 June 2025) as context for supply-chain and investment-chain modern slavery risk mapping. It notes controlled entities are listed in Note 19 of the Fund’s 2024–25 annual report financial statements. Climate-specific net-zero numeric targets were not elevated from the pages opened for this brief beyond the general responsible-investment framing in the annual review—prefer MSS/AR language over invention.

Performance & reporting

FY2024–25 (annual review Chair & CEO letter, footnoted): default Balanced 10.3%; Flexi Pension Balanced 11.5% for the year to 30 June 2025. The letter also states the Defined Benefit Division remained in a healthy surplus with members’ accrued benefits covered.

FY2025–26 CIO reflection (Pearce / Firstlinks, 29 July 2026): all investment options ended positive; Balanced 10.4% accumulation / 11.2% pension (fourth consecutive year of double-digit pension Balanced returns); International Shares 19.6% pension / 17.9% accumulation; Australian Bond 1.2%. ASX200 context cited at about 6.1% for the year without an AI story, underperforming global equities in Pearce’s framing.

Reporting stack opened: annual review PDF; actuarial investigation summary; Modern Slavery Statement; trustee company financial report; website investments hub for live option information. Awards/ratings footnotes in the annual review (Chant West / SuperRatings) are opinions only—do not treat as performance facts.

Controversies & debates

This profile prioritises official attributable materials. Opened primaries emphasise cyber security, scam awareness, complaint handling, and insurance uplift after the June 2024 move to MetLife—not a litigation chronicle. Secondary press is out of scope unless needed to explain an official action. No invented controversy narrative.

Researchers should keep disambiguation hard: media shorthand that says “university super” can blur UniSuper with USS (UK) or with single-employer university schemes. Always resolve to ABN 91 385 943 850 / unisuper.com.au before citing scale or leadership.

Timeline

  • 1983: Fund founding year commonly cited in Instantiations / public rankings (confirm narrative colour from AR history if expanding).
  • 2009: John Pearce joins UniSuper (secondary executive bios; CIO role ongoing in 2026 primaries).
  • Sep 2021–present: Peter Chun as CEO (LinkedIn/current role corroboration; AR/MSS confirm sitting CEO).
  • Jun 2024: Insurance move to MetLife Insurance Limited (annual review).
  • 12 Nov 2024: Professor Hazel Bateman appointed to the Board (annual review).
  • 1 Dec 2024: Rebecca McGrath AM appointed independent director (annual review).
  • 30 Jun 2025: YE scale ~$158bn net FUM / ~670k members; actuarial NMV $157.519bn; Balanced 10.3% (AR/actuarial).
  • 29 Jul 2026: CIO Pearce FY2026 Firstlinks reflection; FUM “approaching $175 billion”; Balanced 10.4%/11.2%.
  • 11 Sep 2026: UAO elite research pack / ship path (this profile).

Annex: AUM honesty (AUD)

As-ofPrintSource
30 Jun 2025Approx. $158 billion net FUM; ~670,000 membersAnnual review 2024–25
30 Jun 2025Fair value $157,969.3m; NMV $157,519.3mActuarial summary
30 Jun 2024NMV $138,760.2mActuarial summary prior column
29 Jul 2026 (CIO narrative)FUM approaching $175 billionPearce / Firstlinks FY2026
INST live (context only)~US$95bn estimate fieldDo not elevate as official

Editorial rule: when Instantiations shows a USD estimate, the elite profile still leads with dated AUD official prints. Convert only if UniSuper itself publishes a USD figure—which the opened FY25 pack does not.

Annex: Actuarial & DBD

The Summary of the Actuarial Investigation uses UniSuper’s audited financial statements. Net market value equals fair value less disposal costs of $450.0 million at 30 June 2025. DBD membership counts at 30 June 2025: DBD active and deferred 66,032; pending deferred 512; DBD pensioners 11,535 (down from 70,159 active/deferred at 30 June 2024).

Funding metrics printed: Accrued Benefits Index and Vested Benefits Index pathways; VBI 130.4% at 30 June 2025 with illustrative forward path in the summary table (30 Jun 2026 132.8%; 2027 136.2%; 2028 140.0% under the actuary’s projection set). DBD assets including pensions about $35,870.8 million after subtracting accumulation balances ($91,602.0m), account-based pensions ($29,076.1m), and reserves ($970.4m) from total NMV.

Accumulation members choose investment options; DBD benefits are formula-driven so mark-to-market moves do not map one-for-one into member balances—the Firstlinks footnote explicitly excludes DB from Pearce’s option-return discussion for that reason.

Annex: Returns path

  • FY25 AR: Balanced 10.3% (accumulation default path); Flexi Pension Balanced 11.5%.
  • FY26 CIO: Balanced 10.4% accumulation / 11.2% pension; International Shares 17.9% / 19.6%; Australian Bond 1.2%.
  • FY26 CIO: all options positive; fourth consecutive year of double-digit pension Balanced returns.
  • FY26 CIO: International Shares about 65% US / about 35% tech sector exposure in his portfolio commentary—attribution colour, not a full look-through holding table.
  • Holdings colour in FY26 CIO letter focuses on positions > $1 billion (Alphabet, BHP, Apple among best; CSL and Microsoft among weak performers in his narrative).

Past performance is not a forecast. Elite body cites these as official or CIO-primary dated prints only.

Annex: Board structure

Annual review governance chapter: directors are non-executive and independent of management; conflicts language requires freedom from interests that could compromise judgement. Removal pathways differ for shareholder-representative vs independent directors. Mid-term vacancies are filled for the remainder of the term under constitutional rules.

Independent directors named in the opened extract include Chair Mark Armour (appointed independent director 1 July — year as printed in AR people pages) and Rebecca McGrath AM (from 1 December 2024). Member- and employer-nominated directors named in the extract include Professor Hazel Bateman and Dr Stephen Weller among others. Consultative Committee election language appears for some member directors.

Annex: Investment option menu

Premixed options described with SAA tables as at 30 June 2025 include Conservative, Conservative Balanced, Balanced, Sustainable Balanced, Growth/High Growth families (labels as printed). Sector options include Cash (RBA cash-rate oriented objective), Australian Bond, credit/income style options with private-credit limits in the printed notes, Listed Property (50/50 Australian/international REIT SAA in the opened table), and Australian Shares (100% Australian shares SAA).

Sustainable Balanced applies sustainable investment criteria with negative screens and/or positive attributes per the option narrative. Option size footnotes note Balanced assets include MySuper and non-MySuper members invested in that option.

Annex: Internal management

MSS: over two-thirds of funds under management managed internally. Internal operations are directed by USM’s executive leadership team against annual performance objectives with reporting to USL and/or USM boards. Internal teams enable direct engagement with company boards on ESG topics including modern slavery.

Research implication: UniSuper behaves partly like a large internal asset manager attached to a member franchise, not only as an allocator of external managers—similar in spirit to peers that publish high internalisation shares, though figures must stay with UniSuper’s own prints.

Annex: Modern slavery / ESG ops

MSS 2024–25 is given by USM as reporting entity for the year ended 30 June 2025, covering structure, operations, supply chains, risk assessment, remediation, and effectiveness. Supplier due diligence uses a minimum spend threshold of $20,000 in the opened text. Investment-chain work includes mapping modern slavery risk across the portfolio and engaging executives/boards.

Approval: Statement approved by the Boards of USL; CEO signatory Peter Chun. Escalate via Finance and Risk Committee to the Board. Education actions for staff and members are listed among FY actions.

Annex: CIO FY2026 reflections

John Pearce’s 29 July 2026 Firstlinks article is UniSuper-sponsored primary commentary. It frames FY2026 as climbing a wall of worry, cites Feb 2026 Middle East strike shock as a short-lived risk-off episode, and centres the year’s equity dispersion on the AI supercycle.

Best/worst large holdings colour (positions > $1bn in his framing): Alphabet (~93% in his telling) as best after AI narrative reversal; BHP (~68%) helped by copper; Apple (~35%); weak names included CSL (second consecutive poor year in his telling) and Microsoft (~−28%) despite strong Azure growth—penalised for AI capex/FCF optics in his narrative.

Fixed income: Australian Bond 1.2% as 10-year Australian government yields rose from 4.16% to 4.72% in his telling, with RBA hiking three times after prior cuts. He points readers to watch his latest video via unisuper.com.au/investments.

  • Fund: UniSuper ABN 91 385 943 850
  • Trustee: UniSuper Limited ABN 54 006 027 121
  • Administrator / AFSL: UniSuper Management Pty Ltd ABN 91 006 961 799, AFSL 235907
  • UniSuper Advice: operated by USM under AFSL (AR footnote)
  • Controlled entities: see Note 19 of Fund 2024–25 financial statements (MSS pointer)

Annex: Peer context

Australian industry-fund peers already on UAO elites include AustralianSuper and Aware Super. All three publish in AUD, run MySuper/default options, and disclose responsible-investment programmes—but trustees, CEOs/CIOs, merger histories, and FUM prints differ. Global asset-owner peers for scale/internalisation conversations include Ontario Teachers’ Pension Plan, CPP Investments, CalPERS, and NBIM; those comparisons are analytical, not legal equivalences.

Annex: Transparency stack

  • Annual review / UniSuper in review PDF (member narrative + option SAAs + governance)
  • Fund financial statements (referenced; Note 19 controlled entities)
  • Summary of the Actuarial Investigation (DBD funding)
  • Modern Slavery Statement (operations + investment-chain)
  • Trustee company annual financial report (USL entity accounts—distinct from Fund FUM)
  • unisuper.com.au/investments (live option/SAA updates; CIO video hub)
  • PDS / TMD hub at unisuper.com.au/pds (advice/product disclosure)

Annex: Products & advice

Product shelf from opened materials: Accumulation 1 / Accumulation 2 style accounts, Personal Accounts, Defined Benefit Division, Flexi Pension / account-based pensions, and insurance offerings via MetLife from June 2024. Advice is available through UniSuper Advice operated by USM under its AFSL; AR footnotes stress general vs personal advice boundaries.

Member experience initiatives called out in the annual review include MemberOnline digital authorisations, multi-factor authentication enhancements, retirement Outlook events, Pre-retirement Outlook, and tools for beneficiaries/claims. Exact feature lists should follow the AR pages rather than marketing paraphrase.

Annex: Risk & cyber

Annual review risk chapter language emphasises Board risk appetite, a Three Lines of Accountability model, Business Plan alignment (February 2025 update referenced), CPS 230-oriented business disruption maturity, cloud adoption with encryption, and dedicated financial-crime / cybersecurity teams. Scam awareness training for members is listed among forward actions.

These are operational risk disclosures, not investment-risk VaR tables. Investment risk remains expressed mainly via option objectives, SAA ranges, and return variability footnotes.

Annex: Editorial methodology

This UAO elite profile folds opened UniSuper PDF primaries and the CIO’s Firstlinks FY2026 reflection. HTML pages on unisuper.com.au returned Akamai bot-interstitial from the research box; PDFs were used as the durable primary source. No private emails or phone numbers. No invented USD AUM. No GovernmentOrganization schema. H1 on the live Ghost post must remain the institution name only.

Annex: Outbound report checklist

  • Confirm AUD $158bn / 670k members @ 30 Jun 2025 still match latest annual review if a newer FY PDF appears
  • Re-check actuarial VBI/ABI if a new investigation summary posts
  • Re-verify Chair/CEO/CIO on next annual review people pages
  • If official video embed URL becomes reliably capturable, add VideoObject
  • Watch Pearce FUM “approaching $175bn” vs next audited YE print
  • Keep disambiguation vs USS / AustralianSuper / Aware Super in FAQ + body

Annex: SAA notes (30 Jun 2025)

Opened SAA rows (illustrative, from AR option tables): several premixed options show Property allocations in single-digit percentages and Infrastructure and Private Equity allocations often around high-single to low-double digits depending on the option. Listed Property sector option prints 50% Australian listed property (REITs) / 50% international listed property (REITs). Australian Shares sector option prints 100% Australian shares. Cash option objective references the RBA cash rate adjusted for fees and taxes.

Trustee may alter SAA or asset-class composition; updated figures publish on the investments site. Elite text should not freeze a single SAA as eternal policy without the as-of date.

Annex: Membership snapshot

Annual review membership snapshot: approximately 670,000 members and approximately $158 billion FUM; industry-fund framing; age and product-type breakdowns appear in charts (opened extract also shows a 705,835 figure in a detailed membership table—cite table labels carefully and prefer the ~670,000 headline used in Chair/CEO and snapshot prose unless reproducing the specific table).

Actuarial DBD counts above provide the benefit-category split. Accumulation and pension balances dominate total FUM relative to DBD assets.

Annex: Copy-safe scale ladder

  • “approximately $158 billion net funds under management” at 30 June 2025 — AR / MSS
  • “more than 670,000 members” / “approximately 670,000 members” — AR / MSS
  • Fair value $157,969.3 million; NMV $157,519.3 million — actuarial summary
  • DBD VBI 130.4% at 30 June 2025 — actuarial summary
  • Over two-thirds of FUM managed internally — MSS
  • Balanced 10.3% (FY25 AR); Balanced 10.4%/11.2% (FY26 CIO Firstlinks)
  • FUM “approaching $175 billion” — Pearce Firstlinks 29 Jul 2026 (label as CIO commentary)

FAQ

What is UniSuper?

UniSuper is a large Australian profit-for-members industry superannuation fund (ABN 91 385 943 850). Its heritage is in higher education and research, and it is open to all Australians. It is not a sovereign wealth fund and not a government department.

How is UniSuper different from USS, AustralianSuper, and Aware Super?

USS is the UK Universities Superannuation Scheme — a different country and legal entity. AustralianSuper and Aware Super are separate Australian industry funds with their own trustees, AUM, and leadership. Do not mix names, figures, or executives across these funds.

What is UniSuper’s official funds under management?

Prefer official AUD only. UniSuper’s 2024–25 annual review cites approximately $158 billion net funds under management and about 670,000 members at 30 June 2025. The actuarial summary states fair value of assets $157,969.3 million and net market value $157,519.3 million at that date. Do not invent a USD headline.

Who is the CEO of UniSuper?

Peter Chun is Chief Executive Officer. He also appears as Chief Executive Officer of UniSuper Management Pty Ltd (USM), the wholly owned administrator, in the Modern Slavery Statement 2024–25.

Who is the CIO of UniSuper?

John Pearce is Chief Investment Officer. He authors UniSuper’s investment market updates and published FY2025–26 reflections on Firstlinks (29 July 2026) linking back to unisuper.com.au/investments.

Who chairs the UniSuper trustee board?

Mark Armour (Gregory Mark Armour) is Chair. The 2024–25 annual review Chair and CEO letter is signed by Mark Armour (Chair) and Peter Chun (CEO).

Who is the trustee and who administers the fund?

UniSuper Limited (USL, ABN 54 006 027 121) is trustee of UniSuper. UniSuper Management Pty Ltd (USM, ABN 91 006 961 799, AFSL 235907) administers the fund and is wholly owned by USL.

What return did the default Balanced option post for 2024–25?

The Chair and CEO letter in the 2024–25 annual review states the default Balanced option returned 10.3% for the year to 30 June 2025; Flexi Pension Balanced returned 11.5% (figures as footnoted in that letter).

Does UniSuper still have a Defined Benefit Division?

Yes. The Defined Benefit Division (DBD) remains part of UniSuper. The actuarial summary at 30 June 2025 reports a Vested Benefits Index of 130.4% for the DBD and describes the Division as in a healthy surplus in the annual review narrative.

How much of UniSuper’s portfolio is managed internally?

The Modern Slavery Statement 2024–25 states that over two-thirds of funds under management are managed internally.

What schema type should researchers use for UniSuper on UAO?

Organization only. UniSuper is an industry profit-for-members superannuation fund, not a GovernmentOrganization. Prefer official AUD scale prints and named leadership from UniSuper primaries.

Where should corrections to this UAO profile go?

Email info@universalassetowners.com. Check figures against UniSuper’s annual review/financial statements, actuarial summary, Modern Slavery Statement, and unisuper.com.au disclosures in Australian dollars.

Sources & further reading

Annex: Chair & CEO letter depth (FY25)

The 2024–25 Chair and CEO letter (Mark Armour and Peter Chun) situates UniSuper inside an Australian superannuation system whose total asset pool the letter describes as exceeding $4 trillion. Policy colour includes welcome for Superannuation legislation progress that the letter says improves certainty for members planning retirement. The Fund is described as the fourth-largest super fund in Australia, growing in membership and funds under management, with fees remaining a focus alongside service, guidance and advice.

Investment performance colour in the letter: strong long-term returns framing for the year to 30 June 2025; default Balanced 10.3%; Flexi Pension Balanced 11.5%. DBD members are assured the Division remains in healthy surplus with accrued benefits covered. Service excellence, beneficiary nominations, insurance and wellbeing support, and advice accessibility appear as parallel member-outcome themes.

Governance colour in the letter notes Board renewal: strengthening retirement strategy expertise; Professor Hazel Bateman elected via Consultative Committee path; other director transitions replacing prior university-linked directors as named in the letter. Cyber security is described as unwavering, with digital platform enhancements and authentication experience improvements for members. Closing sign-off block identifies Mark Armour as Chair and Peter Chun as Chief Executive Officer.

Annex: Annual review strategy narrative

Strategy pages in the annual review link purpose and vision to member outcomes through scale and personalisation. Organic growth and competitiveness language sits beside fee and service commitments. Retirement strategy is elevated: Pre-retirement Outlook and Retirement Outlook events; tools for members approaching and living in retirement; higher reported preparedness/satisfaction metrics for pre-retiree and retired cohorts in the letter’s survey colour.

Operational modernisation themes include MemberOnline enhancements (digital authorisations; multi-factor authentication), AI use across the business for standardised claims/process support (with human oversight framing), and complaint-handling capability. Business Development & Partnerships work with employers and universities is referenced as a growth and service channel.

Annex: Actuarial method notes

The actuarial summary explains that net market value of assets is used for financial-position assessment. DBD assets are isolated after subtracting accumulation account balances (Accumulation 1, Accumulation 2, DBD member accumulation components, Personal Accounts), account-based pension balances, and reserves. Membership data from UniSuper underpins DBD and pensioner liability calculations, including treatment of exited members recorded as DBD deferred.

Accrued benefits measure assets expected to pay benefits arising from membership before the investigation date. Apportionment methods differ by decrement: retirement benefits use accrued lump-sum and pension multiples; death/disablement scale by membership fraction to assumed event date; resignation benefits use past-membership benefit with salary growth allowance. ABI is the ratio of DBD net market value to accrued benefits; VBI uses vested benefits of contributing DBD members as if all left voluntarily on the investigation date.

Assumption updates noted in the opened summary include reductions to withdrawal and retirement rates to better reflect cashflow patterns of members becoming deferred, while pension election rates and new-member profiles were unchanged in the described review. Geographic spread of DBD members is cited as support for continued pooling assumptions. Triennial actuarial investigation cycle is referenced with the next due as at 30 June 2027 in the opened text.

Annex: MSS structure & supply chain

The Modern Slavery Statement identifies the reporting entity, describes structure/operations/supply chains, risks, actions, and effectiveness assessment. USM is the reporting entity for the year ended 30 June 2025; USL as trustee controls wholly owned entities discussed in the Fund financial statements. Operational footprint: ~1,000 employees across seven Australian cities; campus presence among the university community remains part of the service model.

Investment operations: selecting, monitoring, and allocating to managers; substantial internal management; ESG integration across the portfolio; engagement with company boards and management on modern slavery and related issues. Procurement: risk mapping of suppliers; thresholds; education of working-group members; escalation to Finance and Risk Committee and Board. The Statement’s CEO block names Peter Chun and includes Chair approval pathway language for board adoption.

Annex: Director biography notes (AR extract)

Opened “Information on Directors” text for Chair Gregory Mark Armour describes a career across funds management and broader financial services globally and in Australia, including senior executive roles at Invesco (European and Middle East leadership colour; Australia roles) and prior board/chair posts such as Chair of Invesco UK and director roles connected to investment industry bodies as printed. Appointment as independent director is dated from 1 July in the people section (use full AR date line when citing).

Other directors in the opened extract bring higher-education leadership, governance, and sector experience (examples named in the extract include Sandra Harding AO; Professor Hazel Bateman; Dr Stephen Weller; Rebecca McGrath AM). Elite profiles should treat the annual review director pages as authoritative for names/titles/appointment dates and should not invent committee chairs beyond what the AR prints.

Annex: Option SAA detail (folded tables)

Conservative and Conservative Balanced printed SAAs include allocations to cash/fixed interest plus growth assets; Property and Infrastructure/Private Equity lines appear in single-digit percentages in the opened tables, with tolerance-range monitoring language repeated across options. Balanced and Sustainable Balanced show higher growth-asset weights; Sustainable Balanced replaces some exposures with sustainably screened equities and adjusts property/infrastructure sleeves per the printed SAA.

Growth/High Growth families further increase equity and private-markets weights while retaining diversified fixed interest/cash buffers at lower weights. Sector Australian Bond objectives reference matching a bond index after fees/taxes; an income/credit-style option describes hybrids, RMBS, private credit and cash with a printed 20% private-credit limit and possible modest global fixed-interest allocation. Listed Property warns that REIT investing differs from direct property (fee and development income pathways; different risk drivers).

Repeated Trustee caveat across option pages: SAAs are long-term targets; actual allocations vary within approved tolerance ranges; Trustee may alter SAA or asset-class composition; currency hedging may differ by currency; negative returns may occur more or less often than expected; updates publish on unisuper.com.au/investments and in How We Invest Your Money.

Annex: FY2026 market narrative (CIO primary)

Pearce’s FY2026 reflection is useful institutional colour because it discloses how UniSuper’s large concentrated holdings behaved, not only headline option returns. He frames geo-political shock (Feb 2026 Iran-related strikes) as a short-lived equity sell-off with an oil spike, quickly faded—consistent with many geo-political episodes in his telling.

AI supercycle attribution: without an AI story, ASX200 ~6.1% and lagging global equities by ~10% in his framing; UniSuper International Shares outperformed Australian Shares in eight of the last ten years on his count. Portfolio construction colour for International Shares (~65% US; ~35% tech) is presented as both the source of recent success and a future correction risk.

Fixed-income pain is explicit: rising Australian 10-year yields from 4.16% to 4.72% drove price losses that offset coupon income in the Australian Bond option (1.2% FY return). Prospective running yield is higher after the move, contingent on yields not rising further—an openly uncertain macro call in his text.

Annex: Insurance & wellbeing

Annual review insurance narrative: after moving to MetLife Insurance Limited in June 2024, UniSuper continued an “insurance uplift journey” aimed at better member outcomes in claims and cover design. Wellbeing support and life-event tools are described alongside beneficiary nomination campaigns (valid nominations reduce claim friction).

Advice accessibility is framed as strategic: more members seeking guidance; support for government advice-rule reforms that could broaden affordable advice; UniSuper Advice operated by USM under AFSL with PDS/TMD reminders.

Annex: Reserves & balance bridges

Actuarial bridge at 30 June 2025: total UniSuper assets at net market value $157,519.3m; less accumulation balances $91,602.0m; less account-based pensions $29,076.1m; less reserves $970.4m; leaving DBD assets (active, deferred, pending deferred, DBD pensions) $35,870.8m. Prior-year bridge at 30 June 2024: NMV $138,760.2m; accumulation $80,792.6m; pensions $24,808.1m; reserves $855.2m; DBD assets $32,304.2m.

This bridge is the cleanest way for researchers to avoid double-counting when comparing “FUM”, “member benefits”, and “DBD assets” across UniSuper documents.

Annex: Instantiations ranking context

Live UAO Top 100 Instantiations lists UniSuper at rank 64, type Superannuation, region Asia-Pacific, country Australia, city Melbourne. CEO Peter Chun / CIO John Pearce / CFO Anastasia Bakolas appear on the ranking leader set with last-verified stamps in June 2026 on the ranking fields. Influence Index and component scores are Instantiations methodology outputs—not UniSuper official disclosures—and are not re-derived in this elite body.

The Instantiations AUM estimate field (~US$95bn) is explicitly lower-confidence relative to UniSuper’s own AUD prints; elite editorial policy prefers the AR/actuarial AUD ladder and labels the Instantiations USD field as estimate-only context.

Annex: Side-by-side vs AustralianSuper & Aware Super

AustralianSuper elite (already live): different trustee, different CEO/CIO pair, different FUM prints, different merger history. Aware Super elite (already live): First State Super / VicSuper / Aware brand path; CEO Deanne Stewart; CIO Simon Warner from 1 Dec 2025; post-TelstraSuper SFT scale narrative in 2026. UniSuper: higher-education heritage; open to all; sitting CEO Peter Chun; sitting CIO John Pearce; DBD still material; MSS internalisation > two-thirds.

Shared traits (analytical, not legal): Australian industry profit-for-member structure; APRA-regulated super; MySuper/default option frameworks; responsible-investment programmes; AUD reporting. Never copy AUM or leadership across the three profiles.

Annex: USS (UK) contrast

USS (Universities Superannuation Scheme) serves UK higher-education employers and is supervised under UK pensions law—not APRA. Currency is GBP; governance is a UK trustee structure; funding debates in UK media are USS-specific. Name collision risk is real in global search (“university super”); UAO disambiguation must keep UniSuper’s ABN and unisuper.com.au canonical in the first screen of content.

Annex: Additional copy-safe fact blocks

  • UniSuper ABN 91 385 943 850; trustee UniSuper Limited ABN 54 006 027 121; administrator UniSuper Management Pty Ltd ABN 91 006 961 799 AFSL 235907.
  • Approximately $158 billion net FUM and approximately 670,000 members at 30 June 2025 (annual review / MSS).
  • Actuarial fair value $157,969.3 million; net market value $157,519.3 million at 30 June 2025.
  • DBD VBI 130.4% at 30 June 2025; DBD assets including pensions about $35.871 billion after bridge deductions.
  • Default Balanced 10.3% for year to 30 June 2025; Flexi Pension Balanced 11.5% (AR Chair & CEO letter).
  • FY2026 CIO: Balanced 10.4% accumulation / 11.2% pension; International Shares 17.9% / 19.6%; Australian Bond 1.2%; FUM approaching $175 billion.
  • Over two-thirds of FUM managed internally (MSS 2024–25).
  • CEO Peter Chun; CIO John Pearce; Chair Mark Armour (AR / MSS / Firstlinks).
  • Insurance administration moved to MetLife Insurance Limited in June 2024 (AR).
  • USL board: eight representative directors (equal employer/member) plus three independents; USM board adds CEO director (MSS/AR).

These blocks are for editorial reuse inside UAO only; outbound syndication should still link the underlying PDF primaries.

Annex: Research log (11 Sep 2026)

  • Downloaded AR2025 PDF (large; text extracted pp.1–40, 40–74, people 52–70).
  • Downloaded actuarial summary PDF; full text extracted.
  • Downloaded Modern Slavery Statement PDF; full text extracted.
  • Downloaded trustee annual report PDF; text extracted.
  • Downloaded AR2024 PDF partial extract for trend colour.
  • Opened Firstlinks CIO FY2026 article HTML successfully.
  • unisuper.com.au HTML paths returned Akamai “Pardon Our Interruption” bot wall from the box—PDF path used instead.
  • Verified person SSR HTTP 200 for peter-chun, john-pearce, anastasia-bakolas; mark-armour 404 at research time.
  • Verified peer elites australiansuper and aware-super HTTP 200.
  • Thin-source gate: SHIP (corpus ≫3k).

Annex: Member outcomes framing

Annual review member-outcomes language ties investment returns, fees, insurance, advice, digital service, and retirement readiness into a single “great retirement outcomes” purpose statement. Scale is presented as enabling cost efficiency and investment capability, not as an end in itself. Personalisation appears as a parallel pillar—tools, events, and advice channels intended to match members’ retirement journey stage.

Event programmes (Retirement Outlook; Pre-retirement Outlook) are described as high-touch education rather than product hard-sell in the Chair/CEO narrative. Digital security is framed as member-protection infrastructure necessary for those same self-service channels.

For UAO researchers, the practical read-across is that UniSuper’s public reporting mixes classic asset-owner disclosures (SAA, returns, actuarial DB funding) with consumer-super franchise metrics (members, events, advice uptake, insurance uplift). Elite coverage should keep those layers distinct when comparing UniSuper to pure sovereign or public-pension peers.

Annex: APRA & system context

The annual review references APRA’s annual performance test environment as part of the system context for MySuper/default outcomes. UniSuper’s letter frames policy stability as helpful for member planning amid a national super asset pool described as exceeding $4 trillion. UAO should not equate APRA test outcomes with Instantiations rankings; they are different methodologies with different universes.

Annex: Currency & hedging notes

Option SAA footnotes repeatedly state that some portion of international investments may be hedged against currency movements, that different currencies may be hedged to different extents or possibly not at all, and that hedging policy can change. This matters when comparing UniSuper international option returns to unhedged benchmark narratives in secondary press.

Annex: Private markets read-through

Although UniSuper does not print a single consolidated “private markets AUM” headline in the pages opened for this pack, premixed SAAs embed Infrastructure and Private Equity targets, and income options may include private credit within stated limits. Internalisation (> two-thirds FUM) implies a meaningful share of private and public exposures is managed inside USM rather than solely via external managers—exact private-markets dollars should wait for an official look-through print.

Annex: Non-blocking expansion list

  • Official video embed URL from investments hub → VideoObject
  • Mark Armour person SSR when biography page ships
  • Full Executive Leadership Team HTML roster if bot wall clears
  • Next Fund financial statements Note 19 controlled-entity list excerpt
  • Post-30 Jun 2026 audited FUM to replace “approaching $175bn” commentary
  • How We Invest Your Money PDF fold-in for live SAA
  • Proxy voting / climate report if published as separate FY26 pack

Annex: Primary excerpt board (sourced)

The following excerpts are folded from opened UniSuper primary PDFs for researcher traceability. They are not a substitute for the PDFs.

Annual review extract 1: UniSuper in review 2024-25 Know how to grow UniSuper in review 2024-25 2 We’re proud to be recognised for our great value and service We’re recognised as a fund that delivers the very best in value and member services by the country’s top ratings and research agencies. CUSTOMER CUSTOMER SATISFACTION SATISFACTION AWARDS AWARDS INDUSTRY SUPERANNUATION SUPERANNUATION FUND FUND OF THE YEAR OF THE YEAR ROY MORGAN ROY MORGAN 2024 2024 Chant West: Zenith CW Pty Ltd ABN 20 639 121 403 AFSL 226872/AFS Rep No. 1280401 Chant West Awards issued 21 May 2025 are solely statements of opinion and not a recommendation in relation to making any investment decisions. Awards are current for 12 months and subject to change at any time. Awards for previous years are for historical purposes only. Full details on Chant West Awards at chantwest.com.au/fund-awards/about-the-awards/ . The rating is issued by SuperRatings Pty Ltd ABN 95 100 192 283 (SuperRatings) a Corporate Authorised Representative (CAR No.1309956)
Annual review extract 2: of Lonsec Research Pty Ltd ABN 11 151 658 561, AFSL No. 421445. Ratings are general advice only and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and SuperRatings assumes no obligation to update. SuperRatings use proprietary criteria to determine awards and ratings and may receive a fee for the use of its ratings and awards. Visit superratings.com.au for ratings information. © 2025 SuperRatings. All rights reserved. Ratings are only one factor to be taken into account when deciding whether to invest in a financial product. Contents Message from our Chair and CEO 4 Membership snapshot 7 Our strategy 10 Delivering great value, service and advice 12 Leading the way
Annual review extract 3: with retirement solutions 22 Strengthening employer partnerships 25 Risk management 27 Investments 30 Taking a responsible approach 49 Our people 52 Fund governance 54 The Executive Leadership Team 67 How we manage your super 70 Peter Chun and Mark Armour Message from our Chair and CEO On behalf of UniSuper’s Board and Executive Leadership Team, we’re pleased to present this year’s UniSuper in review for the financial year ended 30 June 2025. We invite you to read this report alongside information on our website. The superannuation system has played a huge role in reshaping POSITION OF STRENGTH the retirement landscape and providing more Australians with Throughout 2024–25, enduring cost-of-living pressures, global greater financial security and freedom in retirement. With the uncertainty, and fluctuating markets made it a challenging year total superannuation asset pool now exceeding $4 trillion, for many. In times like these, our members sought reassurance it’s never been more important to have a strong and stable that their
Annual review extract 4: retirement savings were in safe hands. foundation in place from which it can successfully evolve. At UniSuper, our teams remained focused on delivering greater To that end, we welcomed the passing of the Superannuation value, service, guidance and advice—supporting members Objective Bill in November 2024, setting out the core purpose through critical moments and helping them make confident of super, which is to deliver income for a dignified retirement. decisions on their retirement journey. While super has undergone significant regulatory changes over the decades, these reforms aim to establish more stable We’re pleased to share that UniSuper remains in a strong and effective policy settings—providing members with greater position. As the fourth largest super fund in Australia1, we certainty and security as they plan for their retirement. continue to grow in both membership and funds under management. We’re privileged to manage the retirement savings of approximately 670,000 members with approximately $158 billion in funds under management.2 Our fees remain competitive,
Annual review extract 5: and we continue to build on our record of strong long-term returns.3 1 By total fund investments as at 30 June 2025. Source: APRA Quarterly Superannuation Fund Statistics - June 2025. 2 As at 30 June 2025. 3 Past performance is not an indicator of future performance. UniSuper in review 2024-25 5 MESSAGE FROM OUR CHAIR AND CEO INVESTMENT PERFORMANCE A significant change in 2024-25 was the introduction of online Pleasingly, all UniSuper investment options delivered positive non-lapsing binding death benefit nominations, simplifying a returns for the year to 30 June 2025.4 Our default Balanced crucial process for our members. A valid nomination can option, which many of our members are invested in, returned reduce claim processing times and provides members with 10.3%.4 And for our members with a Flexi Pension account, the peace of mind. We also introduced new tools to support Balanced option returned 11.5%.4 members and their families during life’s most difficult moments, including a new online
Annual review extract 6: death claim notification form and further Members in our Defined Benefit Division can be assured it enhancements to our insurance and wellbeing support. remains in a healthy surplus and members’ accrued benefits are currently well funded. ACCESSIBLE ADVICE We continued our focus on providing accessible, personalised As one of Australia’s largest super funds, we have access advice to more members, because we know our members can to significant investment opportunities only available to funds be better off when they get advice. We also know that simple of our size—like our investment in Karrinyup Shopping questions often lead to complex answers, and this is where our Centre, a premier retail centre in WA, and Burra Park, a Advice team is on hand to help. prime development site adjacent to the new Western Sydney International Airport. In August this year, we launched the Digital Financial Adviser, providing advice for choosing investment options. This service Quality investments like these have the potential to
Annual review extract 7: create great makes personal advice more accessible for members who prefer value for our members over the long term, helping to deliver the to engage online in their own time or would rather self-service retirement outcomes our members deserve. than meet with an adviser. SERVICE EXCELLENCE As we continue to enhance our advice offering to support Service excellence remained a key focus throughout the year. more members, we welcome the government’s work underway Our members are at the heart of everything we do, and we to reform financial advice rules so more Australians can continue to uplift our services to make it easier and more access advice. The proposed package of reforms, Delivering seamless for them to engage with us. We proudly operate Better Financial Outcomes, presents an opportunity to reshape most of our services in-house, including our contact centre, how millions of Australians receive the support they need to administration and claims functions, enabling us to provide the make
Annual review extract 8: confident, well-informed decisions about their financial best service to members. futures. We support these reforms and are keen to see them progress through Parliament with a focus on member outcomes, clarity, and safeguards. “Our members are at the heart of everything we do, and we continue to uplift our services to make it easier and more seamless for them to engage with us.” 4 Past performance is not an indicator of future performance. Returns are for the 12 months to 30 June 2025. Returns are after fund taxes and investment expenses, but before account-based fees. The information provided above is of a general nature only and does not take into account your individual objectives, financial situation or needs. UniSuper in review 2024-25 6 MESSAGE FROM OUR CHAIR AND CEO EMPOWERING RETIREMENT CONFIDENCE CHANGES TO OUR BOARD Building on our vision to be the leader in retirement, we’re On 12 November 2024, we welcomed new directors Professor strengthening our expertise in
Actuarial summary extract 1: Summary of the Actuarial Investigation of UniSuper as at 30 June 2025 The latest actuarial investigation of UniSuper was conducted as at 30 June 2025 and the results presented in our “Report on the Actuarial Investigation as at 30 June 2025” dated 21 November 2025 (the ‘30 June 2025 Report’) by Travis Dickinson, FIAA and Andrew West, FIAA. This attachment provides a summary of the 30 June 2025 Report and our opinions as to UniSuper’s financial position. The 30 June 2025 Report has been prepared in a manner consistent with the Professional Standards issued by the Institute of Actuaries of Australia and Prudential Standard SPS 160 issued by the Australian Prudential Regulation Authority (APRA). Assets and Membership Data UniSuper’s audited financial statements stated that the fair value of assets as at 30 June 2025 was $157,969.3 million. The net market value of the assets at 30 June 2025 was $157,519.3 million (i.e. the fair value of $157,969.3 million less disposal
Actuarial summary extract 2: costs of $450.0 million). The net market value was used in assessing UniSuper’s financial position at 30 June 2025. The net market value of assets as at 30 June 2025 in respect of the Defined Benefit Division (DBD), including indexed pensions, was $35,870.8 million. To derive the assets in respect of the DBD, we have relied on the information provided by UniSuper on accumulation account balances (for Accumulation 1 members, Accumulation 2 members, the DBD members, Personal Accounts and Account Based Pensions) and reserves. Membership data provided by UniSuper was used to determine the liabilities of DBD members and pensioners. We have also determined a liability amount for exited members who had been recorded and treated as DBD deferred members. The following table summarises the membership and assets at 30 June 2025 as well as 30 June 2024 (the date of the actuarial investigation to which the previous summary related): 30 June 2024 30 June 2025 Number of Members •
Actuarial summary extract 3: DBD active and deferred members 70,159 66,032 • DBD pending deferred members 722 512 • DBD pensioners 11,330 11,535 Assets UniSuper Assets at Net Market Value $138,760.2m $157,519.3m Less Accumulation Account Balances1 $80,792.6m $91,602.0m Less Account Based Pension Balances $24,808.1m $29,076.1m Less Reserves $855.2m $970.4m DBD assets (including active, deferred, pending $32,304.2m $35,870.8m deferred and DBD pensions) 1 Accumulation account balances for Accumulation 1 members, Accumulation 2 members, the DBD members and Personal Accounts. Page 1 of 8 UniSuper Assumptions In setting assumptions for future financial experience, it is the assumed excess (or “gap”) of the investment return above salary inflation and price inflation that is most important. The financial assumptions adopted for the 30 June 2025 actuarial investigation are set out below. The financial assumptions are largely unchanged from those adopted for the 30 June 2024 actuarial investigation, except for the investment return assumed for Lifetime Income Pensions which has increased by 0.5% p.a. Best Estimate Funding Assumptions (%
Actuarial summary extract 4: p.a.) Assumptions (% p.a.) Investment Return for active members and pensioners (except Lifetime Income Pensioners) • Net of tax 7.1 6.2 • Gross 8.2 7.2 Investment Return for Lifetime Income Pensions 4.8 4.8 Salary inflation • Short term 3.75 for 1 year 3.75 for 1 year • Long term 3.5 3.5 Price inflation (CPI) 2.5 2.5 In this investigation we also reviewed certain demographic assumptions, including pension elections, the profile of expected new members and withdrawal and retirement rates. No changes were made to the pension election rate and profile of expected new members. However, the withdrawal and retirement rates were reduced to better reflect the cashflow patterns of exiting members becoming deferred members and lower than expected retirements in recent years. Insurance The DBD self-insures the excess in value of Death and Disablement benefits above Resignation (or Retirement, if eligible) benefits. The Temporary Incapacity benefit is also self-insured. The death and disablement claim experience over the year to 30
Actuarial summary extract 5: June 2025 was reviewed and based on this the assumed rates of death and disablement are unchanged. An allowance has been made in the assessment of the liabilities for the time it takes to process notified claims and for claims incurred but not reported. As the DBD continues to contain a large pool of geographically spread members, it is reasonable to conclude that self-insurance continues to be suitable. The DBD is large enough to bear the volatility risk (with appropriate contingency reserves) and it is likely to be more cost-effective over the longer term. Page 2 of 8 UniSuper Accrued Benefits Accrued benefits measure the amount of assets expected to be required to pay members’ benefits arising in respect of membership before 30 June 2025 as they fall due. For all DBD members of UniSuper (including DBD pensioners), the accrued benefits were calculated using the “best estimate” assumptions contained in the report. They have not been subjected to a minimum
Actuarial summary extract 6: of the vested benefits, which is consistent with the methodology used in the previous actuarial investigation. Method of determining accrued benefits In determining the value of accrued benefits, the benefits of DBD members need to be apportioned between past membership up to 30 June 2025 and future membership after that date. The method of apportioning benefits to past membership is as follows, effectively recognising the portion of future benefits arising due to membership to date: • Retirement benefits – the past membership benefit (based on accrued lump sum and pension multiples) at 30 June 2025, with allowance for future salary growth and increases in accrual rates to the assumed retirement date. • Death and disablement benefits – the total benefit value multiplied by membership to 30 June 2025 over the period of membership to the assumed date of death or disablement. • Resignation Benefit – the past membership benefit at 30 June 2025 with allowance for future salary growth and
Actuarial summary extract 7: increases in the lump sum accrual rates up to the assumed resignation date. Accrued Benefit Index The ratio of net market value of DBD assets to accrued benefits is called the Accrued Benefits Index (ABI). The following table shows the accrued benefits of UniSuper relating to the Defined Benefit Division including indexed pensioners as at 30 June 2025 and the ABI. In determining the ABI, the value of accumulation accounts has been excluded from both the assets and the accrued benefit liabilities. Best Estimate Funding Assumptions Assumptions Net Market Value of DBD Assets at 30 June 2025 $35,870.8m $35,870.8m Accrued Benefits for DBD members $17,203.1m $18,527.7m DBD Pension Liabilities $6,892.0m $7,484.9m Total DBD Accrued Benefit Liability $24,095.1m $26,012.7m DBD Accrued Benefits Index (ABI) 148.9% 137.9% As the ABI calculated using the “best estimate” assumptions was greater than 100%, the DBD’s assets were expected to be sufficient to meet future payments in respect of benefits accrued at 30 June 2025. When
Actuarial summary extract 8: calculated using the more conservative “funding” assumptions, the ABI is also above 100%. Therefore, the probability of the DBD’s assets being sufficient at 30 June 2025 was more than 70%. Page 3 of 8 UniSuper Vested Benefits The vested benefits of contributing DBD members are the total of the DBD benefits that would be payable if all members voluntarily left the service of their Participating Institutions on 30 June 2025. The ratio of net market value of DBD assets to vested benefits is called the Vested Benefits Index (VBI). The following table shows the vested benefits of UniSuper relating to the DBD (including indexed pensioners) as at 30 June 2025 and the resulting VBI. For the purpose of determining the VBI, the value of accumulation accounts has been excluded from both the assets and the vested benefits. Best Estimate Funding Assumptions Assumptions Net Market Value of DBD Assets at 30 June 2025 $35,870.8m $35,870.8m Vested Benefits for DBD members $19,816.6m
Modern Slavery Statement extract 1: Our Modern Slavery Statement FOR THE 2024-25 FINANCIAL YEAR Our Modern Slavery Statement 2 About this statement This Modern Slavery Statement (Statement), for the financial The seven mandatory reporting criteria are: year ended 30 June 2025, is given by UniSuper Management 1. Identify the reporting entity (this page); Pty Ltd ABN 91 006 961 799, AFSL No. 235907 (USM), being an 2. Describe the structure, operations and supply chains of entity wholly owned by UniSuper Limited ABN 54 006 027 121, the reporting entity (page 7); ASFL No. 492806 (USL) in its capacity as trustee of the fund 3. Describe the risks of modern slavery practices in the UniSuper ABN 91 385 943 850 (Fund). operations and supply chains of the reporting entity, and any entities that the reporting entity owns or controls The registered office for both USL and USM is Level 1, (page 9); 385 Bourke Street, Melbourne, Victoria 3000. 4. Describe the actions taken by the reporting
Modern Slavery Statement extract 2: entity and any While the above three companies are registered in Australia, entity that the reporting entity owns or controls, to assess UniSuper Limited as trustee for UniSuper does control wholly- and address those risks (page 14); owned foreign entities. 5. Describe how the reporting entity assesses the effectiveness of such actions (page 18); This Statement was approved by the Boards of USL 6. Describe the process of consultation with any entities (including in its capacity as trustee of the Fund) and USM the reporting entity owns or controls or is issuing a joint on 27 November 2025. modern slavery statement with (page 22); and The Statement is made pursuant to the Modern Slavery Act 7. Provide any other information that the reporting entity, 2018 (Cth) (Act). or the entity giving the statement, considers relevant (page 23). The Act defines modern slavery in terms of eight types of serious exploitation: trafficking in persons, slavery, servitude, The reporting entities covered by
Modern Slavery Statement extract 3: the Statement are USM and forced marriage, forced labour, debt bondage, deceptive the Fund where it has had consolidated revenue of at least recruiting for labour or services and the worst forms of child $100 million for the relevant financial year. labour (situations where children are subjected to slavery Except where the context otherwise requires, the Fund, USL or similar practices, or engaged in hazardous work). and USM are together referred to throughout this Statement It does not cover other serious human rights breaches like as, ‘UniSuper’, ‘we’, ‘us’ or ‘our’. denial of worker safety, denial of freedom of association, or underpayment. The Act requires certain businesses and entities that meet a revenue threshold (annual consolidated revenue of more than $100 million) to report on the risks of modern slavery in their operations and supply chains, and the entities they own or control. Reports must cover the actions taken to address those risks, and how the effectiveness of those actions
Modern Slavery Statement extract 4: has been assessed. This year's statement was reviewed by Anti-Slavery Australia. Contents UniSuper’s approach to modern slavery risk 4 Structure, operations, and supply chains 7 Identifying the risks of modern slavery practices 9 Actions taken to assess and address key risks 14 Effectiveness of our actions 18 Case studies 19 Consultation process 22 Other information 23 4 UniSuper’s approach to modern slavery risk Modern slavery is a significant and complex global issue impacting some of the most vulnerable people in society. It’s an important issue we consider at UniSuper when it comes to both our investments and in our own internal operations. Modern slavery refers to the severe exploitation of other We use these meetings to understand a company’s approach people for personal or commercial gain. It’s when offenders use to key issues relating to their business and to encourage them coercion, threats or deception to exploit victims and undermine to develop processes to identify and manage their risks. their
Modern Slavery Statement extract 5: freedom. It’s a significant and complex global issue, with For our exposures to our global portfolios, we regularly engage an estimated 49.6 million people living in slavery worldwide.1 with our external managers to understand their own modern In Australia, according to the 2023 Global Slavery Index, there slavery risk management approach. As part of our discussion were 41,000 individuals living in modern slavery on any given with our external managers, we assess whether they have day in 2021. This equates to a prevalence of 1.6 people in appropriate and adequate processes in place to identify, modern slavery for every thousand people in the country. 2 assess and manage modern slavery risks. As active investors, we consider Environmental, Social and In conducting procurement processes, seeking suppliers, Governance (ESG) factors relating to our investments. We or signing contracts with vendors, we selectively assess their recognise that modern slavery can pose a risk to companies potential modern slavery risk with regard to both
Modern Slavery Statement extract 6: the spend and make earnings unsustainable. We also consider how and perceived level of modern slavery risk. For example, a new we may cause, contribute to, or be directly linked to modern cleaning services provider at a small office site with a relatively slavery, in order to identify and evaluate associated risks across small spend might therefore be as important to assess from our investment portfolio and supply chains. Modern slavery a modern slavery perspective as a large spend on a national not only causes profound harm to individuals – it also software provider. undermines the sustainability of business models and supply chains. We invest mainly in developed markets, We classify providers considered to be high risk by looking where the incidence of modern slavery risk is likely at both country and industry category risk, and aligning our to be lower than in emerging offshore markets. assessment methodology informed by industry practice. If one of our suppliers is classified as
Modern Slavery Statement extract 7: high risk, it initiates a We’re committed to being an active shareholder. more thorough modern slavery risk evaluation, and we’ll look This means we proactively engage with major Australian to negotiate modern slavery provisions into our agreements. investee companies on a range of commercial, strategic and Although the majority of our Tier 1 suppliers are in Australia, ESG related matters, including modern slavery. We manage where risks are likely to be lower, we do expect all suppliers over 70% of our investments in-house, and given our presence to abide by our Supplier Code of Conduct, allowing us to in the Australian market, we believe our engagement is perform audits to identify modern slavery risks. strongest when working with companies in our Australian portfolios that have been identified to have exposure to In 2024, we engaged Pillar Two to benchmark UniSuper’s higher risk industries3—e.g. Construction and Horticulture. modern slavery risk management and reporting, and conduct We discuss these issues in engagement
Modern Slavery Statement extract 8: meetings with a gap analysis on how we identify and manage key areas of risk company boards and management either directly or across our entire portfolio. Since then, we have incorporated in collaboration with other like-minded organisations, various initiatives outlined by Pillar Two, with the biggest focus like ACSI. areas being: identifying key thematics for priority engagement, uplifting our due diligence tool and framework and developing a tracker to keep track of movement. 1 Global Slavery Index, walkfree.org/global-slavery-index 2 Global Slavery Index, walkfree.org/global-slavery-index/country-studies/australia 3 What has been determined as higher risk is as an outworking of a risk-based approach given the findings from the 2023 FairSupply research. Please refer to page 12 for further information. Our Modern Slavery Statement 5 UNISUPER’S APPROACH TO MODERN SLAVERY RISK Further information on responsible investment activities We also exercise proxy voting for our listed Australian and International share holdings. This provides UniSuper a key opportunity to communicate to board and management of our investee
AR options extract 1: UniSuper in review 2024-25 40 INVESTMENTS PRE-MIXED INVESTMENT OPTIONS Conservative Conservative Balanced PERFORMANCE OBJECTIVES1 PERFORMANCE OBJECTIVES1 To achieve returns (after taxes and investment expenses, before To achieve returns (after taxes and investment expenses, before deducting account-based fees) that are at least 1.0% p.a. more than deducting account-based fees) that are at least 2.0% p.a. more than inflation (CPI) over the suggested time frame. inflation (CPI) over the suggested time frame. MINIMUM SUGGESTED INVESTMENT TIME FRAME MINIMUM SUGGESTED INVESTMENT TIME FRAME Five years Five years EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN Two to less than three in 20 years Three to less than four in 20 years SUMMARY RISK LEVEL SUMMARY RISK LEVEL Medium Medium to High OPTION SIZE ($B) OPTION SIZE ($B) 30 June 2024 3.8 30 June 2024 7.9 30 June 2025 4.4 30 June 2025 8.7 STRATEGIC ASSET ALLOCATION (%)2 STRATEGIC ASSET ALLOCATION (%)2 2024 2025 2024 2025 Australian Shares 9 10
AR options extract 2: Australian Shares 19 20 International Shares 7 13 International Shares 17 23 Property 9 7 Property 9 7 Infrastructure and Private Equity 10 7 Infrastructure and Private Equity 9 7 Cash & Fixed Interest 65 63 Cash & Fixed Interest 46 43 INVESTMENT STRATEGY INVESTMENT STRATEGY To invest in a diversified portfolio of mainly assets like fixed interest To invest in a diversified portfolio of assets like fixed interest and cash, and cash, and some assets like shares, property, infrastructure and shares, property, infrastructure and private equity. private equity. 1 These are not promises or predictions of any particular rate of return. 2 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within a
AR options extract 3: ‘tolerance range’ approved by the Trustee. The strategic asset allocation is correct as at 30 June 2025 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the How We Invest Your Money document at unisuper.com.au/pds. UniSuper in review 2024-25 41 INVESTMENTS PRE-MIXED INVESTMENT OPTIONS Balanced Sustainable Balanced PERFORMANCE OBJECTIVES3 PERFORMANCE OBJECTIVES3 To achieve returns (after taxes and investment expenses, before To achieve returns (after taxes and investment expenses, before deducting account-based fees) that are at least 3.0% p.a. more than deducting account-based
AR options extract 4: fees) that are at least 3.0% p.a. more than inflation (CPI) over the suggested time frame. inflation (CPI) over the suggested time frame. MINIMUM SUGGESTED INVESTMENT TIME FRAME MINIMUM SUGGESTED INVESTMENT TIME FRAME Ten years Six years EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN Three to less than four in 20 years Four to less than six in 20 years SUMMARY RISK LEVEL SUMMARY RISK LEVEL Medium to high High OPTION SIZE ($B)4 OPTION SIZE ($B) 30 June 2024 48.4 30 June 2024 7.5 30 June 2025 54.5 30 June 2025 8.4 STRATEGIC ASSET ALLOCATION (%)5 STRATEGIC ASSET ALLOCATION (%)5 2024 2025 2024 2025 Australian Shares 28 28 Australian Shares 24 27 International Shares 30 33 International Shares 39 39 Property 3 4 Property 0 0 Infrastructure and Private Equity 11 11 Infrastructure and Private Equity 9 10 Cash & Fixed Interest 28 24 Cash & Fixed Interest 28 24 INVESTMENT STRATEGY INVESTMENT STRATEGY To
AR options extract 5: invest in a diversified portfolio of mainly higher risk assets such To invest in a diversified portfolio of Australian and international as Australian and international shares, property, infrastructure and shares that are selected on the basis of sustainable investment private equity, with some fixed interest and cash investments. criteria (and the application of some negative screens and/or positive attributes), together with Australian listed property, fixed interest, infrastructure, private equity and cash assets. 3 These are not promises or predictions of any particular rate of return. 4 Option size data includes all assets in the Balanced option, including members who are not MySuper members. 5 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within
AR options extract 6: a ‘tolerance range’ approved by the Trustee. The strategic asset allocation is correct as at 30 June 2025 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in the How We Invest Your Money document at unisuper.com.au/pds. UniSuper in review 2024-25 42 INVESTMENTS PRE-MIXED INVESTMENT OPTIONS Growth High Growth PERFORMANCE OBJECTIVES1 PERFORMANCE OBJECTIVES1 To achieve returns (after taxes and investment expenses, before To achieve returns (after taxes and investment expenses, before deducting account-based fees) that are at least 3.5% p.a. more than deducting
AR options extract 7: account-based fees) that are at least 4.0% p.a. more than inflation (CPI) over the suggested time frame. inflation (CPI) over the suggested time frame. MINIMUM SUGGESTED INVESTMENT TIME FRAME MINIMUM SUGGESTED INVESTMENT TIME FRAME Seven years Seven years EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN EXPECTED FREQUENCY OF NEGATIVE ANNUAL RETURN Four to less than six in 20 years Four to less than six in 20 years SUMMARY RISK LEVEL SUMMARY RISK LEVEL High High OPTION SIZE ($B) OPTION SIZE ($B) 30 June 2024 8.9 30 June 2024 9.3 30 June 2025 9.8 30 June 2025 10.9 STRATEGIC ASSET ALLOCATION (%)2 STRATEGIC ASSET ALLOCATION (%)2 2024 2025 2024 2025 Australian Shares 34 33 Australian Shares 43 43 International Shares 40 40 International Shares 49 49 Property 3 5 Property 3 3 Infrastructure and Private Equity 9 9 Infrastructure and Private Equity 5 5 Cash & Fixed Interest 14 13 Cash & Fixed Interest 0 0 INVESTMENT STRATEGY INVESTMENT STRATEGY To invest
AR options extract 8: in a diversified portfolio of mainly higher risk assets such To invest in a diversified portfolio of mainly higher risk assets such as Australian and international shares, property, infrastructure and as Australian and international shares, property, infrastructure and private equity, with some fixed interest and cash investments. private equity, with some fixed interest and cash investments. 1 These are not promises or predictions of any particular rate of return. 2 Each of the asset classes may include cash balances for portfolio management purposes. The Australian shares asset class may include interests in pooled vehicles which may take both long and short positions/investments. Strategic asset allocations are long term targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within a ‘tolerance range’ approved by the Trustee. The strategic asset allocation is correct as at 30 June 2025 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset

Completeness note

This elite profile targets ~10k sourced words from folded UniSuper PDF primaries (annual review, actuarial summary, Modern Slavery Statement, trustee report extracts) plus CIO John Pearce’s FY2026 Firstlinks reflection. Depth annexes cover AUD AUM honesty, DBD actuarial metrics and method, returns path, board/director notes, option/SAA detail, internalisation, MSS ops/supply chain, legal entities, peers (including USS contrast), transparency, products/insurance, risk/cyber, Instantiations context, research log, and editorial method. Non-blocking expansions if primaries improve: official video embed for VideoObject; Mark Armour person SSR; live ELT HTML; next audited YE FUM after CIO “approaching $175bn” commentary. No invented USD AUM; VideoObject omitted (embed URL not captured from bot-walled HTML).

The Daily Brief

The morning briefing for the people who allocate long-horizon capital.

Research, charts, video and podcast analysis for the institutions investing at the scale of the world.

Universal Asset Owners
Get the daily brief · Search the Top 100 Registry · SWF, pension & family office jobs