Allens has advised Sunsuper on the largest superannuation fund merger in Australian history.
The landmark merger of Sunsuper and QSuper will form the country’s second-biggest superannuation fund. The merged entity, Australian Retirement Trust, will have over 2 million members and more than A$200 billion in funds under management.
Co-lead Partner Michelle Levy said the merger is part of an emerging trend in the superannuation industry.
‘We have seen consolidation in the industry pick up as superannuation funds focus on the benefits to members of scale. This is the most significant and complex superannuation transaction we have seen to date and we are pleased to have acted for Sunsuper through the process.’
Co-lead Partner Marc Kemp noted the merger has created one of the country’s largest superannuation funds.
‘Scale creates more opportunities for funds to promote the financial interests of their members and as one of the largest funds in Australia, the Australian Retirement Trust is in a fantastic position to improve the retirement incomes of its members – which is ultimately what it is all about.’