QSuper has issued a statement detailing what its merger with the Sunsuper superannuation fund is expected to mean for members.
“QSuper and Sunsuper will soon be coming together to form the Australian Retirement Trust,” QSuper said.
“There is some important information about the merger that our members should know,” it said.
“Australian Retirement Trust will be one of the country’s largest superannuation funds, taking care of over $200 billion in retirement savings for more than two million members.”
It said QSuper would continue as part of Australian Retirement Trust for existing QSuper members; employees of the Queensland Government; employees of existing QSuper default employers and spouses and children (who join while under the age of 25) of QSuper members.
“This merger is scheduled to be completed on 28 February, subject to outstanding conditions and approvals,” QSuper said.
“Over the past two years, QSuper and Sunsuper have undertaken a detailed due-diligence process to explore if both funds’ members would benefit from being part of a merged super fund.”
QSuper said through the merger, Australian Retirement Trust would combine both super funds’ strengths and would aim to return profits to members as lower fees and better services.
“We will continue to provide guidance to help members feel secure and confident about their future,” it said.
“Following the merger, we expect to have the size and scale to ensure our administration fees remain among the lowest in the industry.”
It said in pursuit of this, QSuper and Sunsuper had agreed that the administration fees members paid from their QSuper Accumulation accounts and Income accounts, and those that were deducted from the Lifetime Pension pool, would be reduced from 0.16 per cent to 0.15 per cent per annum from 1 July.
“QSuper members will be sent an email or letter over the coming weeks letting them know about the merger and what it may mean for them,” QSuper said.
