CBA Group Super headed for ART

The Australian Retirement Trust (ART) is understood to have been selected as the successor fund for the Commonwealth Bank Group Super fund.

Financial Newswire understands that the ART was selected following a process run by consultancy Willis Towers Watson over the past nine months.

ART declined to confirm or deny the arrangement.

In a formal response to Financial Newswire, a spokesperson stated: “Australian Retirement Trust (ART) does not comment on potential merger partners.

“As one of Australia’s largest super funds ART is actively exploring a number of growth opportunities. We’re committed to guarding and growing the retirement savings of our more than two million members and any potential opportunities would only proceed if we believe it would be in the best financial interest of our members.”

The Commonwealth Bank Group Super Fund covers current and past employees of the Commonwealth Bank and the hunt for a successor fund was complicated by the fact that it has defined benefit members.

The search for a successor fund followed from Commonwealth Bank Super being one of 13 funds to fail the first Your Future, Your Super (YFYS) performance test in 2021, although the fund subsequently passed the 2022 performance test announced in August, last year.