APSS merger with Australian Retirement Trust
Members will recall communications last year explaining that the APSS was undertaking a due diligence exercise into a potential merger with another superannuation fund.
That process has been completed and the APSS has today announced that it intends to proceed with the merger with the Australian Retirement Trust on Saturday 30 April 2022.
This decision was made following a thorough and careful review to ensure that such a merger would be in the best interests of APSS members – providing more services and choices, whilst continuing to safeguard members’ valuable APSS entitlements. This includes continuation of the defined benefit.
The current formula and calculation of members’ defined benefits will not change – Australia Post and associated employers will continue to cover the cost of administration and providing death and disablement cover for employee members as it does today.
The merger with the Australian Retirement Trust will also offer APSS members access to a wider range of options, services and personalised support to assist members in getting more out of their super and retirement planning than is currently provided in the APSS.
It is important that members understand the decision to proceed with this merger has been made by the Trustee Board, not Australia Post.
National Secretary Greg Rayner, and former WA Branch Secretary Bryan Watkins, are CEPU/CWU and ACTU nominated employee-representative members of that Trustee Board and have been privy to this exercise and the decision-making process. They, along with the rest of the Trustee Board, are confident that this merger will provide a secure, sustainable and strong foundation for the critical protection and growth of our members’ defined superannuation benefits well into the future.
Members do not need to do anything in order for the transition to occur. The merger will automatically migrate your membership and benefits over to the new APSS plan within the Australian Retirement Trust. You will, however, receive a number of pieces of communications from the APSS between now and the merger date to ensure members are fully informed – including an opportunity to join a number of educational webinars in mid-April.
However, as always, please reach out to an accredited financial advisor for tailored and specific individual advice.
In the meantime, members can access further, more detailed information on the merger via the following websites:
https://apss.com.au/powering-your-super and
https://portal.australianretirementtrust.com.au/apss
