Dave Woodall
Australian Retirement Trust (ART), one of Australia’s largest super funds, has successfully merged with the $12.3b Commonwealth Bank Group Super (Group Super) plan.
ART will welcome 63,700 new members to the Fund as part of its largest corporate transition to date.
ART’s Chief Commercial Officer, Dave Woodall, said that the latest corporate merger signals the strength of ART’s offering for corporate clients and demonstrates ART’s specialist skill in managing complex transitions.
“This is our second major corporate transition so far this financial year, following on from the Woolworths SFT in August and we have a few more currently in progress, including AvSuper and Alcoa,” Mr Woodall said.
“At Australian Retirement Trust, our vision is to be Australia’s most chosen and trusted retirement partner, and our recent mergers signal the confidence from corporate Australia in what we offer.
“We have a very experienced inhouse transition team with specialist skills and experience in managing complex defined benefit plans as one of the largest defined benefit providers in the Australian superannuation industry.
“Our new members will benefit from ARTs global investment capability, award winning financial advice services and dedicated member support, including digital tools and education seminars.
“We’re very proud that major Australian employers trust us to manage the retirement outcomes of their employees today and into the future.”
The SFT will be completed in two tranches, the initial transition is complete and the transfer of the defined benefit lifetime pensioners (approx. $2b and 3700 members) will occur in the second half of this financial year.
The latest SFT follows ART’s recognition as Corporate Solutions Fund of the Year at the 2023 Chant West awards[1] for the 8th year in a row for our Super Savings offering. The award acknowledged the super fund working to harness economies of scale and apply these in the best interests of its corporate plan members.
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