Australia Post Super has agreed to merge with combined Sunsuper and QSuper entity, ART.
The Australia Post Superannuation Scheme (APSS) has agreed to merge with the Australian Retirement Trust (ART), the combined entity of Sunsuper and QSuper.
The funds announced their intention to merge in March last year, but have now formally agreed to go ahead with the amalgamation.
“Three years ago, the APSS initiated a review of the best ways to serve the long-term financial interests of our members and we are delighted that this competitive process sees us choosing to make a successor fund transfer into Australian Retirement Trust,” Mark Birrell, Chair of APSS said.
“It’s a very beneficial merger for our members and a welcome part of the creation of one of Australia’s largest and most significant super funds,” he said.
The merger will take ART to more than $230 billion in assets under management and over 2 million members. Australia Post Super currently has $8 billion in assets and 28,000 members. It has been closed to new employees of the postal company since 2012.
“APSS joins Australian Retirement Trust at an exciting time for our fund,” Bernard Reilly, Chief Executive Officer of ART said. “As the second largest fund in the country, APSS members will benefit from our ability to leverage our size and scale to seek out world-class investment opportunities and deliver enhanced products and services.”
The fund is due to merge into ART on 30 April 2022.
ART will establish a dedicated Australia Post corporate plan within its structure and maintain the fund’s defined benefits, funded by Australia Post, while Australian Post Super members’ accumulation balances will be transferred to comparable ART investment products.
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