ART completes Woolworths super merger, flags more

Australian Retirement Trust (ART) has completed a successor fund transfer covering Woolworths Group and Endeavour Group which sees it grow the ART membership by 25,000.

Announcing the move today, ART said it was the second largest SFT ART has undertaken to date, bringing in an additional $4.3 billion into the Fund and taking total funds under administration to more than $260 billion and total member numbers to more than 2.3 million.

Commenting, ART’s Chief Commercial Officer, Dave Woodall, said that the latest SFT signals the strength of ART’s offering for corporate clients and their employees and the Fund’s growth trajectory.

“The Woolworths decision came soon after Australia Post also transitioned its staff superannuation arrangements to Australian Retirement Trust, with $8 billion and 28,000 members transferred,” Woodall said.

In addition, a number of further transfers are inflight, including Commonwealth Bank Group Super, AvSuper and Alcoa Super. All are currently underway and expected to be completed during this financial year.

“We are also very pleased to have welcomed Oracle and The Lottery Corporation this year transferring another 2,500 new members.