Australian Retirement Trust’s Chief Executive Officer Bernard Reilly said today was an exciting day for the merged fund’s members, customers and team.
“Since the signing of a Heads of Agreement in March last year we’ve worked hard to bring our two strong super funds together,” said Mr Reilly. “In that time, we’ve appointed our Board and Executive Team, worked through a range of legal and regulatory approvals to make the merger possible, developed and announced a new brand for the Fund, and commenced the cultural integration of our two teams.
“Finalising the largest ever merger in the superannuation industry, while each fund has continued to grow and serve its members, is truly a testament to Australian Retirement Trust’s more than 2,500 employees and their unwavering focus on acting in our members’ best interests.”
Signalling the Fund’s commitment to acting in members’ best interests and highlighting the benefits of the merger, Australian Retirement Trust plans to deliver a fee reduction for its more than two million members from 1 July 2022. The fixed weekly administration fee for Australian Retirement Trust Super Savings account members will be cut from $1.50 to $1.20 per week, and from 0.16% to 0.15% p.a. for Australian Retirement Trust QSuper account members, subject to final approval by the Australian Retirement Trust Board.
“As the second largest super fund in the industry, we’ll leverage our size and scale to seek out world-class investment opportunities for our members and deliver enhanced products and services and lower fees.
“Australian Retirement Trust will be a force for good to make our members’ world better, guiding them to and through retirement to ensure they’re secure, confident and protected. We’re open to and inclusive of all Australians, no matter where they live or what industry they work in; and as a super fund that works for members, not shareholders, our members can trust that we’ll always work in their best interests.
“Over the next two years, we will also continue to fully integrate the two funds, including our investment portfolios and technology platforms.
“With over 140 years’ combined superannuation experience, Australian Retirement Trust will also continue Sunsuper’s legacy in the employer and external financial adviser markets and QSuper’s commitment to Queensland Government employees, as well as driving growth as a national fund headquartered in Queensland.”