UniSuper was founded in October 2000, as a merger between the Superannuation Scheme for Australian Universities (SSAU) and the Tertiary Education Superannuation Scheme (TESS). As a result, UniSuper is an Australian superannuation fund that provides superannuation services to employees of Australia's higher education and research sector. As of 2021, the Fund has more than 450,000 members and US$ 75 billion in funds under management. There is ongoing regulatory change and consolidation in the super sector, which presents challenges and opportunities for UniSuper.