The largest merger in Australian superannuation industry history has been finalised, with Australian Retirement Trust combining QSuper and Sunsuper to become the second-largest super fund nationally.
The fund has over two million members and more than $230 billion in funds under management. With over 140 years of combined industry experience, Australian Retirement Trust is open to all Australians to join, regardless of where they live or the industry they work in, although people wishing to join the QSuper part of the fund may need to meet certain eligibility criteria.
Australian Retirement Trust’s Chief Executive Officer Bernard Reilly said it was an exciting day for the merged fund’s members, customers and team.
“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,” he said.
“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.”
Sunsuper’s 1.4 million members have been rolled into the new entity, while QSuper has survived as a brand under the new fund. QSuper will remain the default super fund for Queensland ‘core government employees’ and their families.
Fee reductions are anticipated from 1 July 2022, with lower fixed weekly administration fees for Australian Retirement Trust Super Savings account members and Australian Retirement Trust QSuper account members planned, but still subject to final board approvals.
“As a super fund that works for members, not shareholders, our members can trust that we’ll always work in their best interests,” said Mr Reilly.
Australian Retirement Trust will fully integrate the two funds over the next two years, including investment portfolios and technology platforms.
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