 | |
| Industry | Superannuation |
|---|---|
| Predecessors | QSuper Sunsuper |
| Founded | 28 February 2022 |
| Headquarters | Brisbane, Queensland, Australia |
Area served | Australia |
Key people |
|
| Divisions | QSuper |
| Website | australianretirementtrust.com.au |
The Australian Retirement Trust (ART) is an Australian superannuation fund headquartered in Brisbane, Queensland. It has $230bn under management and over 2 million members, making it Australia's second-largest superannuation fund. [1] [2]
The Australian Retirement Trust was founded on 28 February 2022 following the merger between Sunsuper and QSuper. [3] It was the largest superannuation fund merger in Australian history. [3]
On 30 April 2022, the Australia Post Superannuation Scheme (APSS) was merged into the Australian Retirement Trust. [4] In May 2022, Woolworths Group appointed the Australian Retirement Trust to manage its corporate superannuation services. [5]
On 21 February 2023, the Commonwealth Bank Group Super announced it had entered into a memorandum of understanding to pursue a merger with the Australian Retirement Trust. [6]
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.
Woolworths Group Limited is an Australian multinational retail and finance company, primarily known for the operation of its retail chain Woolworths Supermarkets across Australia, Woolworths in New Zealand and its discount department store Big W. Headquartered in Bella Vista, Sydney, it is the largest company in Australia by revenue and number of employees, and the second-largest in New Zealand.
The Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States, and the United Kingdom. It provides a variety of financial services, including retail, business and institutional banking, funds management, superannuation, insurance, investment, and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of August 2015, with brands including Bankwest, Colonial First State Investments, ASB Bank, Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure). Its former constituent parts were the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia, and the Commonwealth Development Bank.
The Australia and New Zealand Banking Group Limited (ANZ) is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia. It is Australia's second-largest bank by assets and fourth-largest bank by market capitalisation.
AMP is a financial services company in Australia and New Zealand providing superannuation and investment products, financial advice, and banking products including home loans and savings accounts. Its headquarters is in Sydney, Australia.
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, and a large number of other financial institutions, such as credit unions, building societies and mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Financial Claims Scheme guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing.
Superannuation in Australia or "super" is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to fund members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages. From July 2023, the mandatory minimum "guarantee" contribution is 11%, rising to 12% from 2025. The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension system. Legislation to support the introduction of the superannuation guarantee was passed by the Keating Government in 1992.
Suncorp Group Limited is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia. It is one of Australia's mid-size banks and its largest general insurance group, formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC).
Colonial First State (CFS), is an Australian wealth management group that provides investment, superannuation and retirement products to individuals and corporate and superannuation fund investors.
An industry superannuation fund are Australian superannuation funds that historically were established by Australian trade unions to manage retirement savings for workers in their industry. Funds other than industry funds are referred to as 'retail funds'.
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance. These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates. With services such as disability insurance, income protection and even funeral insurance, these insurance giants are stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.
UniSuper is an Australian superannuation fund that provides superannuation services to employees of Australia's higher education and research sector. The fund has over 620,000 members and $120 billion in assets.
Sunsuper Superannuation Fund (Sunsuper) was an Australian public offer industry superannuation fund based in Brisbane, Queensland, Australia. It was established in 1987 as a multi-industry superannuation fund open to all workers and is profit-for-members. Sunsuper was the largest superannuation fund by membership in Queensland, with 1.3 million members and over 100,000 default employers. As at December 2020, it had more than A$79 billion in funds under management.
Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales.
AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria. It is an industry super fund, and so operates through a mutual fund structure.
Aware Super is an Australian superannuation fund headquartered in Sydney, New South Wales. With $150bn under management and over 1 million members, it is Australia's third-largest superannuation fund.
Hostplus is an Australian industry superannuation fund. The fourth largest superannuation fund in Australia as of 2023, it is 'giant' with around 1.7 million members (2023) and over $100b funds under management.
QSuper was an Australian superannuation fund based in Brisbane, Queensland. The fund was established in 1912 through an Act of Parliament. The State Public Sector Superannuation Scheme was also known as the QSuper Fund. The board of trustees of the State Public Sector Superannuation Scheme was responsible for the management of the QSuper Fund. On 26 Oct 2015 Michael Pennisi, the chief strategy officer replaced Rosemary Vilgan as CEO, who had served in that position for 18 years.
In Australia, the term 'Retail superannuation fund' refers to a superannuation provider that is not an Industry superannuation fund, and so weren't established by a trade union as a method of managing worker retirement savings.
TWUSUPER is an Australian industry superannuation fund.