Australian Retirement Trust (ART) has signed a successor fund transfer (SFT) with Woolworths Group and Endeavour Group to hit $260 billion.
ART said it is the second-largest SFT that ART has undertaken, bringing in $4.3 billion and 25,000 new members.
It moved over to ART from AMP where it terminated a $4 billion contract for corporate super services.
It has also welcomed members from Oracle and The Lottery Corporation that brought in 2,500 new members.
ART’s chief commercial officer, Dave Woodall, said: “The Woolworths decision came soon after Australia Post also transitioned its staff superannuation arrangements to Australian Retirement Trust, with $8 billion and 28,000 members transferred.
“At Australian Retirement Trust, our vision is to be Australia’s most chosen and trusted retirement partner, and our recent mergers signal the confidence from corporate Australia in what we offer.
“Our offering is twofold in that it supports both employers and employees. Being member-centric during a key moment – like transferring someone’s super account – is really important to instil confidence and engagement in the process. Ease in the relationship and our support is also important.”
As well as this, the fund is also in the process of transfers with Commonwealth Bank Group Super, AvSuper, and Alcoa Super that are all expected to be completed in the current financial year.
The merger with AvSuper is currently expecting to sign a heads of agreement by the end of August and complete the merger in early 2024 while Alcoa Super signed a memorandum of understanding back in March.
ART said it expects to see $40 billion in inflows this financial year.
The Australian Prudential Regulation Authority (APRA) has modified the additional licence conditions imposed on the trustee.
AFCA’s chief executive urged member firms to up their internal dispute resolution processes in order to cut down on costs owed to the authority.
ASFA’s CEO called Joe Longo’s comments on super “unfounded and unfair”, after the ASIC chair said fund trustees don’t always “know their business”.
Less than a month after being ordered to pay $27 million for failing to merge duplicate member accounts, Australia’s biggest super fund is again the target of a suit launched by the corporate regulator.