Yahoo Finance MAJOR superannuation change for 2 million Aussies
Members of QSuper and Sunsuper have now been transitioned to Australian Retirement Trust after the superannuation fund merger was finalised today.
The two superannuation giants have now become one entity managing $230 billion in retirement savings for more than 2 million Australians.
Also read: Top 10 best performing super funds revealed
Also read: Massive $3.1 trillion funds taking over the country
Australian Retirement Trust CEO Bernard Reilly said it was an exciting day for the merged funds’ 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,” Reilly said.
“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.”
What it means for you
If you were a member of either Sunsuper or QSuper, your account would have been automatically moved over to the new fund and you should have been alerted to the change.
There is also a fee reduction coming for you, which could see you save around 30 cents per week in administration fees.
Australian Retirement Trust plans to deliver the fee reduction for its more than 2 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 per cent to 0.15 per cent a year 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,” Reilly said.
“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.”
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
