Qantas Super has announced it will merge with the Australian Retirement Trust
Qantas Super, the $9 billion corporate superannuation fund for employees of airline Qantas, has announced it will merge with the Australian Retirement Trust (ART).
Qantas had already indicated late last year that it was considering a merger, but had not yet identified a merger partner.
ART has been a preferred partner for many corporate super funds that have been looking to merge, including Woolworths and Alcoa Super. In total, ART has added $19 billion in corporate transitions.
“Throughout the process of exploring merger options, Australian Retirement Trust has demonstrated its strong commitment to taking care of our members and their best financial interests,” John Atkin, Chair of Qantas Super, said.
“We believe that ART will be the right partner to help our members feel confident in their financial future so they can look forward to retirement.”
The completion of the successor fund transfer might take up to 12 months, Qantas Super said. When finalised, ART will have close to $300 billion in funds under management.
“We’ll continue to focus on our 2.3 million members as we plan for the merger with Qantas Super,” Andrew Fraser, Chair of ART, said.
“With both ART and Qantas Super deeply committed to doing the right thing by our members, we will work towards a merger together. The merger will proceed if we believe it is in the best financial interests of members,” he said.
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