 | |
| 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.
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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.
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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.
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