Australian Retirement Trust and Qantas Super enter into merger agreement

Media release - 17 July 2024

Australian Retirement Trust (ART), one of Australia’s largest super funds, entered into an agreement with Qantas Super affirming both parties’ intentions to merge.

The agreement sets out the framework that will be used by each Trustee to prepare for the implementation of a merger that will see ART welcome Qantas Super’s 26,000 members and approximately $9 billion in funds under management.

The merger will be subject to both ART and Qantas Super completing their respective final member best financial interests and equivalency of rights assessments and signing a Successor Fund Transfer Deed.

ART Chair Andrew Fraser said the Fund is honoured to be selected as Qantas Super’s merger partner and is looking forward to welcoming their members to ART.

“ART and Qantas Super are deeply committed to doing the right thing by our members. We will work towards a merger together, with the merger to proceed if we believe it is in the best financial interests of members.

“The last financial year has been the biggest year of transitions for Australian Retirement Trust. With the completion of four successor fund transfers with AVSuper, Woolworths and Endeavor Group, Commonwealth Bank Group Super, and Alcoa Super, our corporate transitions have totalled $19 billion. Not only does this cement our position as an industry leader in the merger and transition space, but it is evidence that trustees and corporate Australia are choosing us and we are incredibly proud of this.

“We’ll continue to focus on our 2.3 million members as we plan for the merger with Qantas Super.”

Mr Fraser said merging with Australian Retirement Trust will allow Qantas Super members to benefit from a range of quality products and services for competitive fees and insurance premiums.

“As one of the largest defined benefit providers in the market, we have the skills to administer a fund with a membership profile like Qantas Super.”

Chair of Qantas Super, John Atkin said ART has demonstrated its strong commitment to taking care of its members and their best financial interests throughout the process of exploring merger options.

“Qantas Super has had the privilege and responsibility of managing the superannuation and retirement savings of Qantas Super’s members for 85 years, and selecting the right partner to carry on this work is a responsibility the Trustee Board has taken extremely seriously,” he said.

“We believe that ART will be the right partner to help our members feel confident in their financial future so they can look forward to retirement."