'Better together': QSuper and Sunsuper merge

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on March 02, 2022 Fact Checked
'Better together': QSuper and Sunsuper merge

Two of the largest superannuation funds have merged to form Australian Retirement Trust which now stands as the second largest super fund in Australia.

The newly formed fund will take on more than two million portfolios of members and a combined $230 billion in investments previously held by QSuper and Sunsuper. 

According to the fund, Australian Retirement Trust plans to deliver a fee reduction for its more than two million members from 1 July 2022.

"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," the report said.

Australian Retirement Trust’s Chief Executive Officer Bernard Reilly said the merger is the largest in Australian super history. 

"Since the signing of a Heads of Agreement in March last year we’ve worked hard to bring our two strong super funds together," Mr Reilly said.

"Finalising the largest ever merger in the superannuation industry, while each fund has continued to grow and serve its members, is truly a testament to Australian Retirement Trust’s more than 2,500 employees and their unwavering focus on acting in our members’ best interests."

Super records strong growth for December 2021 quarter

The Australian Prudential Regulation Authority (APRA) released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the December 2021 quarter this week.

Total super assets grew 14.0% in the value of total superannuation assets over the past year, reflecting strong investment performance and positive contributions growth achieved over the period according to the report.

Contributions totalled $139.1 billion, an increase of 15.5% for the year ending December 2021, with total SMSF assets rising 12.8% as of December 2021.


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Image by Kiki Falconer via Unsplash

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Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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