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Updated 3 November 2023

Phase one of the merger is now complete

First announced on 21 February 2023, the Commonwealth Bank Officers Superannuation Corporation Pty Limited (trustee), as trustee of Group Super, noted its intention to work towards a merger with Australian Retirement Trust. 

On 3 November 2023, phase one of the merger, which involved the transfer of Retirement Access, Accumulate Plus and Defined Benefit (other than lifetime pension) entitlements to Australian Retirement Trust, was completed. Phase two of the merger involves the transfer of Defined Benefit lifetime pension members and is expected to occur in the first half of 2024.
 

Please read the Significant Event Notice booklet relevant to your membership division below:

  • On 20 October 2023, a successor fund transfer deed was executed, read the news article for more details.

 

 

In the meantime, the following Q&As will provide more details about the intended merger.

Updated 7 February 2024

  • Questions for all members

      • Who is Australian Retirement Trust?

      Australian Retirement Trust is the superannuation fund formed through the merger of Sunsuper and QSuper in February 2022. As one of Australia’s largest super funds it takes care of over $240 billion in retirement savings for more than two million members.

      The fund has more than 140 years’ combined experience managing superannuation with an extensive history of managing complex defined benefit plans.Australian Retirement Trust is one of the largest defined benefit providers in the Australian marketplace, managing $32 billion in defined benefit assets on behalf of 74,000 members. You can find out more about Australian Retirement Trust by visiting www.australianretirementtrust.com.au


      Why is the merger occurring in two phases?

      The merger is currently planned to occur over two phases.

      Phase one of the merger is planned to involve the transfer of members and other beneficiaries with entitlements in Accumulate Plus or Retirement Access; and those with Defined Benefit entitlements, other than those covered by phase two (as outlined below) into Australian Retirement Trust on 4 November 2023 (the transfer date).

      Phase two of the merger is planned to involve the transfer of members and beneficiaries who were in receipt of a lifetime pension before 3pm on 18 October 2023, or whose instruction to the Group Super trustee to commence a lifetime pension was received before that time, into Australian Retirement Trust in the first half of 2024. 

      The Group Super trustee decided to split the merger due to the complexity of the different divisions of fund. The majority of the fund’s divisions are reasonably straightforward and can be merged in a short timeframe. The defined benefit lifetime pensions are more complex and as a result will be merged in the first half of 2024.
       

      What will happen to my Group Super account when the fund merges?

      Your Group Super entitlements will be transferred to Australian Retirement Trust and your account with Group Super will be closed. Phase one of the merger occurred on 4 November 2023 and depending upon your account type and employment with CBA Group, your entitlements were transferred to Australian Retirement Trust as follows: 

      • Defined Benefit members (excluding pensioners) – accounts were set up in the Corporate CBA Group Super Plan.
      • Accumulate Plus members who are in-service with the CBA Group – accounts were set up in the Corporate CBA Group Super Plan.
      • Accumulate Plus Retained Benefit and Spouse members – accounts were set up in the Corporate Former CBA Group Super Plan.
      • Retirement Access members – accounts were set up in the Super Savings Transition to Retirement Income account or Retirement Income account.

      Phase two of the merger is planned to occur in early 2024 and is subject to the agreement with Australian Retirement Trust to carry out phase two becoming unconditional.

      • Defined Benefit Lifetime pensioners – your entitlements would be transferred to the Corporate CBA Group Super Plan.

       

      How will the merger occur?

      The merger would occur via a successor fund transfer (SFT), whereby existing Group Super defined benefit and defined contribution members automatically transfer to Australian Retirement Trust. Existing fund members would automatically transfer to Australian Retirement Trust. The fund’s defined benefit members would be placed in a special GroupSuper division or Plan of Australian Retirement Trust.

      Does CBA support the merger?

      Yes, CBA supports the Group Super trustee’s decision to pursue a merger with Australian Retirement Trust. The trustee worked closely with CBA to understand the future strategy of the fund, and remains closely engaged with CBA. Similarly to the trustee, CBA as sponsor of Group Super, considered the evolution of superannuation, the increased expectations and need for scale. CBA and the trustee both concluded, given the increasing need for scale over time and the long term fee challenges required to ensure the fund remains competitive, that alternatives to continuing a corporate superannuation fund be considered. Australian Retirement Trust would also become CBA’s default super fund for new employees from the time of the merger.

      Will I receive part of the investment choice unallocated surplus?

      Members who have an investment choice account and meet the necessary criteria will be eligible to receive a portion of the unallocated surplus after the transfer to Australian Retirement Trust. Australian Retirement Trust currently proposes that the assets (if any) will be allocated to eligible members in two stages.
       

      What’s the eligibility criteria to receive an allocation?

      • You must have held an account in Accumulate Plus or Retirement Access at the merger date of 4 November 2023, or   
      • You must be an in-service (employee) member of Division CB, CC, CD, CE, CF, CN or CO and held accumulation-style accounts that are eligible for investment choice at the merger date of 4 November 2023, and
      • these accounts were transferred to Australian Retirement Trust on 4 November 2023, and
      • you must have an account with Australian Retirement Trust at the time the allocation is made. 

      Australian Retirement Trust will contact you if you’re eligible to receive an allocation (if any). If you are eligible, any allocation you receive will be added to your account in the CBA Group Super Plan or Former CBA Group Super Plan in Australian Retirement Trust.
       

      How much will I receive?

      If you are eligible for an allocation, the amount you receive will be aligned to your account balance at the time of the allocation. Given the allocation must be shared across the fund’s membership, it is not anticipated this will be a large amount.
       

      Can I have my allocation paid to my bank account, rather than my super account?

      No, any allocation you receive will be added to your account in the CBA Group Super Plan in Australian Retirement Trust.

       

  • Questions for Accumulate Plus and Retirement Access members

      • Will there be changes to Accumulate Plus insurance cover after the merger?

      Yes. At the same time as the merger’s due diligence process Australian Retirement Trust also reviewed the insurance offering for Accumulate Plus. The review of the insurance policy design was to ensure the future insurance offer for transferring Accumulate Plus members provides value and meets members’ evolving needs.

      Overall, Accumulate Plus members will benefit from a reduction in Death and TPD premium rates compared to what you currently pay in Group Super. The premium impact varies depending on your age and the type of cover held.

      Insurance design changes in Australian Retirement Trust generally result in members aged 43 and younger receiving more Standard Cover than the Accumulate Plus default cover of four times Notional Salary and are likely to receive an increase in cover amount at the transfer date; and generally, members aged 44 and older will receive less Standard Cover than the Accumulate Plus default cover of four times Notional Salary and are likely to receive a top-up value as Additional Cover at the transfer date.
       

      My employer isn’t CBA, what details to I give them so they can continue to make Superannuation Guarantee contributions to my account that was transferred?

      If an external employer (i.e. not the CBA Group) is making contributions to your Group Super account, you will need to advise your employer that Group Super has merged and your account has closed. 

      If you wish to use your new account in Australian Retirement Trust, you should advise your employer/payroll personnel that the destination for future contributions changed from 4 November 2023 and provide them with the following details: 

      Fund name: Australian Retirement Trust

      Account Name: Super Savings

      ABN: 60 905 115 063

      USI: 60 905 115 063 003. 

      For CBA Group employees who are continuing their account in Australian Retirement Trust, CBA will continue to make existing contributions, including any salary sacrifice arrangements, into their new Australian Retirement Trust account.

  • Questions for Defined Benefit members and pensioners

      • What does the merger mean for defined benefit members?

      The trustee's decision to pursue a merger was made after a thorough and careful review to ensure that a merger would be in the best interests of all members, which includes Accumulate Plus, Retirement Access and Defined Benefit members.

      Both the trustee and CBA are committed to maintaining and funding all of the Defined Benefit arrangements as part of the proposed successor fund transfer. CBA’s obligations to the fund and beneficiaries have not changed and will not change because of the proposed merger. The fund’s defined benefits and lifetime pension members will continue to enjoy the same defined benefit formula, with CBA’s continued support.

      Importantly, Australian Retirement Trust is one of the largest defined benefit providers in the Australian marketplace, managing $32 billion in defined benefit assets on behalf of 74,000 members of some of Australia’s leading companies.

      Australian Retirement Trust, in agreement with the CBA will implement a number of changes to the fund’s declared and crediting rates and the way accumulation-style accounts are credited with investment returns. Please refer to the booklet we sent you in September to understand these changes.
       

      Will the Commonwealth Guarantee continue to apply to the relevant divisions?

      The Commonwealth Banks Act 1959 has been now amended, following the passing of Treasury Laws Amendment (2023 Measures No.2) Act 2023 and Royal Assent being given to that legislation. This means defined benefit members of Divisions B, C, D and E who were members of the fund immediately prior to 19 July 1996, will continue to be eligible for the Commonwealth Guarantee following the successor fund transfer to Australian Retirement Trust.
       

      Which divisions does the Commonwealth Guarantee apply?

      The Commonwealth Guarantee is applicable to members of Divisions B, C, D, E and F (Accumulate Plus) of the fund immediately prior to 19 July 1996.

      Unless you were an employee of CBA or a pensioner of the fund prior to 19 July 1996, you would not be covered by the Commonwealth Guarantee. For instance, members of the CGSSS were transferred into the fund on 3 October 2003. They were not members of the fund on 19 July 1996, therefore are not covered by the guarantee. Please note the Commonwealth Guarantee is a not a guarantee of investment returns, it is a guarantee of a payment of superannuation and employer contributions.

      Will I receive part of the Defined Benefit unallocated surplus?

      No, Defined Benefit members are not eligible to receive this and individual allocation of the Defined Benefit surplus. The purpose of the Defined Benefit unallocated surplus is to ensure that Defined Benefit’s ratio of assets to vested benefits can withstand market volatility, a well as to ensure that there is adequate long-term funding for Defined Benefit members’ retirement benefits and lifetime pensions. The Defined Benefit unallocated surplus will be transferred to the CBA Group Super Plan with Australian Retirement Trust and continue to be maintained by Australian Retirement Trust for this purpose. 

  • WATCH: Group Super’s CEO answers your questions on the proposed merger
  • WATCH: Our CEO and Australian Retirement Trust’s CEO discuss the merger


View our member updates

 
 
This information is provided for members of Group Super only and is provided for general information purposes only. The information is not financial advice nor is it a recommendation or statement of opinion intended to influence you in making a decision in relation to your super.
The information has been prepared without taking into account your objectives, financial situation or needs. Because of that, before acting on the information, you should consider its appropriateness having regard to your objectives, financial situation and needs. You should also obtain and consider the relevant product disclosure statement before making any decision about whether to acquire or continue to hold an interest in the relevant product.
Commonwealth Bank Officers Superannuation Corporation Pty Limited (ABN 76 074 519 798, AFSL 246418) is the trustee and issuer of Commonwealth Bank Group Super (ABN 24 248 426 878).  Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL 228975) is the trustee and issuer of Australian Retirement Trust (ABN 60 905 115 063).

Neither Commonwealth Bank Officers Superannuation Corporation Pty Limited nor Australian Retirement Trust Pty Ltd is an authorised deposit-taking institution and their obligations do not represent deposits or other liabilities of the Commonwealth Bank of Australia (ABN 48 123 123 124, AFSL 234945) or any other member of the Commonwealth Bank of Australia group of companies (“Group”).  No member of the Group stands behind Commonwealth Bank Officers Superannuation Corporation Pty Limited or Australian Retirement Trust Pty Ltd.  Members of Commonwealth Bank Group Super or Australian Retirement Trust are subject to investment risk including possible delays in repayment and loss of income and principal invested.