Shadow ; Your Super fund is in accumulation while you work.
Once you retire it is extractive or you pay yourself an allocated pension removing the money without provision to renew until your balance is Zero.
Government regulation requires a minimum of 5% of balance to be paid as pension

So what if people take their money out that is purpose of superanuation.
The pool of money is enormous.
SMSF now account for $773B and you can do it yourself not relying on fund manager.

IOOF will do well

I hold IOOF and have accumulated more.
I will join this discussion to defend my stance.

Traditional superannuation companies have lost net funds. AMP ; -$5B , NAB ; -$4B , BT / Westpac -$2.8b, IOOF ; $1.9B , CBA/ Colonial ;-$1.1b in 12 months to March 2020.
Royal Commission into banking has had huge repercussions to Industry.
Disruptive new platforms which offer less service but instead buy ETF's mostly in the USA are now available.
These include Netwealth ; +$9.19b, Hub 24 ; +$4.88b, Macquarie ; +$2.7b, One view ; +$1.2b, x plore wealth +$1.2b, Power wrap +$0.5b, Praemium ; +$0.2b
Be aware these new platforms are relative new so have positive values as they are start ups.

My discussion with 3 friends have said they will stay with their fund / Industry fund as they hope long term everything will return to normal. When they retire they hope to make some more money while having the ability to draw an allocated pension.

A concern of mine is I hope to fund my retirement and remain independent of Government.
Currently I have lost 50% of my dividends and lost 30% of my capital. My investment in IOOF could in future bring capital gain and I might recoup my losses.
Renato Mota our CEO is capable of making this take over work and be beneficial to both companies.
We would have a large presence in Melbourne as well as Sydney.
Both cities the financial capitals of Australia.

I wonder why there has been no update to this deal!