ART completes CBA Group Super merge
The Australian Retirement Trust (ART) has completed its merger with the Commonwealth Bank Group Super plan, adding 63,700 new members.
ART announced completion of the transition today noting that it was the second major corporate transition so far this year following on from Woolworths in August with AVSuper and Alcoa currently on foot.
Commenting on the completed transition, ART chief commercial officer, Dave Woodall said that the mergers reflected the fund’s strength with respect to corporate client and complex transitions.
ART said the successor fund transfer (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.
As a member I can’t see how this was a merger
ART struggle with the clients they have. They need to invest in their admin. I have a rollover out 3 weeks and counting, Pension applications taking weeks, tried the call centre – gave up after an hour on hold, with no indication of when my call would be answered, no option to leave a message.
Hi, if you’re having issues please reach out to your BDM. you can find their details here: Business Development Managers | Australian Retirement Trust
I’m sure it can be easily resolved as it absolutely shouldn’t take that long.
haha i did – he tried to be helpful….still took another week after he handed it off to someone else, who then took a few days etc etc etc.
Its their systems which aren’t great and i feel will struggle with an influx of members. To be fair its not only ART….