One of Australia’s largest funds, Australian Retirement Trust, has agreed to merge with the Australia Post Superannuation Scheme (APSS) bringing more than $230 million in funds under management and over two million members.
“It’s a very beneficial merger for our members and a welcome part of the creation of one of Australia’s largest and most significant super funds,” the APSS Trustee’s independent chairman, Mark Birrell said.
“Three years ago, the APSS initiated a review of the best ways to serve the long-term financial interests of our members and we are delighted that this competitive process sees us choosing to make a successor fund transfer into Australian Retirement Trust.”
APSS signed a non-binding heads of agreement with Sunsuper to explore a merger in March last year, however Sunsuper eventually merged with QSuper to become the Australian Retirement Trust in February.
The APSS and Australian Retirement Trust merger is set to take effect from 30 April 2022.
Currently, APSS boasts over $8 billion in assets and around 28,000 members.
“As the second largest fund in the country, APSS members will benefit from our ability to leverage our size and scale to seek out world-class investment opportunities and deliver enhanced products and services,” Australian Retirement Trust CEO Bernard Reilly said.
“As the largest corporate outsourcing the industry has seen, we’re excited APSS has decided to trust Australian Retirement Trust with their members’ retirement outcomes.
“The work that has gone into executing this merger from the teams at both APSS and Australian Retirement Trust, is a testament to both funds’ unwavering commitment to their members.”
