Alcoa Super to merge with ART
The large corporate fund, Alcoa Australia super fund has announced its its intention to merge with Australia Retirement Trust (ART) via a successor fund transfer.
The Trustee of the Alcoa Super has announced that it has signed a Memorandum of Understanding to carry out an SFT with ART.
Pending successful due diligence, this will see the benefits of Alcoa Super’s members transferred to ART and follows the announcement in November 2022 of the intended transfer of the Plan in the best interests of its members.
In announcing the next stage of the process, Alcoa Super’s Chair, Gabriel Szondy, said “We have undertaken a very detailed and thorough selection process to find a suitable SFT partner for our members and are very pleased to announce this partnership with one of Australia’s largest and best-performing super funds.
“ART is a leading provider of tailored corporate solutions and, through this SFT, our members will have access to a broader range of benefits from global investment capabilities, to flexible retirement options and increased access to advice and education services.”
Alcoa Super is a $2.2 billion fund with over 5000 members.
Is it not a cost of completing the transaction? Why should it be removed from any analysis, applicable govt charges…
Misleading figures. We’d have millions and millions removed in our client base with LS. Almost 100% came straight back in…
Financial planners, you know exactly what will happen next. Get your wallets out- Cslr bill coming your way!
Another day and yet another shouty SMC story running about trying to push regulators to enter union super into Australian…
These funds should be a lot more concerned about their investment returns, which are starting to look very sick. Waiting…