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Australia Post super fund merges with Australian Retirement Trust
Australian Retirement Trust, the newly-combined QSuper and Sunsuper entity, is to merge with Australia Post Superannuation Scheme (APSS).
A merger would allow the $8 billion APSS fund to benefit from significant economies of scale and followed a three-year review to find the best merger partner. It had previously announced it would be merging with Sunsuper last March, before the fund merged with QSuper to become Australian Retirement Trust.
APSS independent chairman, Mark Birrell, said: “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”.
The change was due to take place on 30 April, 2022 and Australian Retirement Trust would establish a dedicated Australia Post corporate plan to maintain APSS’ defined benefits.
APSS member accumulation balances would be transferred to the comparable Australian Retirement Trust investment products.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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