QSuper and Sunsuper have today announced that the $230 billion fund resulting from their proposed merger early next year will be called ‘Australian Retirement Trust’. It plans to deliver a fee reduction for their more than two million members from 1 July 2022.
Australian Retirement Trust Chief Executive Officer, Bernard Reilly, said the announcement of the merged fund’s name was an important step forward in the merger process since the signing of a Heads of Agreement in March this year.
“Australian Retirement Trust will be a force for good, to make the world for our two million members better, guiding them to and through retirement,” said Mr Reilly.
“Australian Retirement Trust captures the key elements of our proposed organisation: our fund is for all Australians, no matter where they live or what industry they work in. We will guide our members to and through retirement, and as a fund that works for members, not shareholders, we will be trusted to work in their best interests.
“As two of Australia’s largest profit-for-members super funds, Sunsuper and QSuper have together taken care of their more than two million members’ superannuation for 140 years.
“Australian Retirement Trust will continue both Sunsuper’s and QSuper’s focus on working for members, aiming to deliver strong, long-term investment returns and low fees and providing the tools and advice to help members feel on top of their super.
“Whether our members are starting out their working life, already retired, or somewhere in between, we’ll guide them to help ensure they’re secure, confident and protected. We’ll leverage our size and scale to be a force for good to make our members’ world better, seeking out investments to guard and grow their savings and retirement income.”
Australian Retirement Trust’s future trustees have flagged that they intend to deliver a post-merger fee reduction to apply from the start of the next financial year, with final details to be communicated to members prior to 30 June 2022.
The current 1.4 million Sunsuper members will become members of Australian Retirement Trust’s public offering as will all new members not connected to the Queensland Government. The QSuper brand will continue as a part of Australian Retirement Trust, dedicated to providing superannuation products and services to Queensland Government employees and their families.
Australian Retirement Trust will be headquartered in Queensland, with offices around Australia. The planned merger is on track to proceed on 28 February 2022 pending final Board, regulatory and legislative approvals.