Qantas Superannuation and Australian Retirement Trust have completed merging to create a A$309 billion (US$195.38 billion) fund, seven months after signing an agreement to combine.
Qantas Super will move around A$9 billion of assets and 25,000 members to Australian Retirement Trust by way of successor fund transfer starting March 29, they say in a joint statement on February 13.
Melbourne-based Qantas Super is a retirement fund for employees of national carrier Qantas Airways.
According to John Atkin, the fund’s chair, members will benefit from the scale and lower fees of the merger, and that their transfer to Australian Retirement Trust “will support Qantas Super’s members, both now and in the years to come, to feel confident in their financial future so they can look forward to retirement”.
Brisbane-based Australian Retirement Trust is the second largest superannuation fund in Australia, with over A$300 billion of assets under management.