NAB creates Australia's largest retail superannuation fund

National Australia Bank has created the country's largest retail superannuation fund with AUD $70bn ($53bn) after merging five of its pension funds into one. This creation follows the bank's agreement to set up a life insurance business with Japan-based Nippon Life. The NAB has marked these developments as strategically important in its continued investment into wealth activities.

National Australia Bank creates Australia's largest pension fund

MELBOURNE, July 14 (Reuters) - National Australia Bank said on Thursday it had merged five of its pension funds into one, creating Australia's largest retail superannuation fund, with about A$70 billion ($53 billion) under management.

The move comes as Australia's conservative government looks to boost competition among funds in the world's fifth largest pension market, valued at $1.5 trillion.

NAB's push follows an agreement with Japan's Nippon Life to set up a life insurance business separate from NAB's superannuation and investments business.

"This work is strategically important and lays the groundwork for our planned A$300 million investment across our wealth activities in new wealth products and services for our customers and financial advisers," NAB Wealth group executive Andrew Hagger said in a statement.