Second largest super fund kicks off with fee reduction
The second largest superannuation fund entity in Australia comes into formal existence today with completion of the merger between QSuper and Sunsuper to form the Australian Retirement Trust (ART).
Marking the merger, the new ART will deliver a fee reduction from 1 July.
The combined entity will have more than two million members and more than $230 billion in funds under management.
ART chief executive, Bernard Reilly said it represented the largest ever merger in the superannuation industry.
Announcing the fee reduction, Reilly said the fixed weekly administration fee for Australian Retirement Trust Super Savings account members will be cut from $1.50 to $1.20 per week, and from 0.16% to 0.15% p.a. for Australian Retirement Trust QSuper account members, subject to final approval by the Australian Retirement Trust Board.
“As the second largest super fund in the industry, we’ll leverage our size and scale to seek out world-class investment opportunities for our members and deliver enhanced products and services and lower fees,” he said.
Exactly
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