As you are aware, the Trustee of the Alcoa of Australia Retirement Plan (Alcoa Super) has advised that, subject to final legal and compliance review, the Plan will transfer to Australian Retirement Trust (ART) under a Successor Fund Transfer (SFT) arrangement.
The Trustee has now completed an extensive review to ensure the transfer allows for equivalent rights to benefits for members, including legal and actuarial input, and is satisfied that the SFT to ART is in the best financial interests of the members of Alcoa Super.
We expect the SFT to be completed with effect from 1 March 2024. In mid-January we will issue a Significant Event Notice from the Plan with information on:
WHAT DOES THIS SFT TO ART MEAN FOR ME?
With effect from 1 March 2024, Accumulation and Defined Benefit members will transfer to the Alcoa Superannuation Plan in ART. All other members will transfer to the Super Savings division of ART. This SFT means your account balance as at 29 February 2024 with Alcoa Super will be transferred to a new account in ART. For employees, Alcoa of Australia Limited will remain the employer sponsor and continue to provide contributions for you, including the same funding of your benefit, in the same way it currently does for Alcoa Super. There will be no difference to the way your benefits are calculated in ART.
Further information on your insurance arrangements, as well as an additional amount attributable to the distribution of the Plan’s reserves that will be credited to your account, is provided within your relevant communication.
Your membership in ART will provide access to a larger suite of investment options and deliver better outcomes for Alcoa Super members, including competitive fees and a wider range of services than those currently available in Alcoa Super.
LIMITED SERVICE PERIOD
From 20 February 2024 until mid-March 2024 for Accumulation and Defined Benefit members, and from 14 February 2024 until mid-March 2024 for pension members, Alcoa Super and ART will require a short transition period to ensure that your data and benefits are transferred correctly and securely. This will mean that Alcoa Super and ART will not be able to process any changes to your account during this period, with the exception of urgent benefit payments required under exceptional circumstances.
For pension members, please refer to your Significant Event Notice for changes to your pension payment dates between February and April.
WHAT DO I NEED TO DO?
You do not need to do anything. Assuming the SFT proceeds as expected, your current entitlements will automatically transfer to ART on 1 March 2024.
In March you will receive a Transfer Statement from Alcoa Super confirming your account details, including your account balance, that have been transferred to ART.
You will also receive a Welcome Letter and Product Disclosure Statement (PDS) from ART confirming the set-up of your new account and all the details you need to understand the benefits of your new account within ART.
ART will send you a Transfer Guide in late January setting out the features of your new account. This document will include all the information you will need to understand your new account with ART, and how to access further information.
CAN I CHOOSE ANOTHER SUPERANNUATION FUND?
All Alcoa Super members can select a superannuation fund of their choice. If you do not wish to have your account with Alcoa Super transferred to ART, please contact us before 20 February to request a transfer to the superannuation fund of your choice.
If you choose to transfer your account to another superannuation fund, you will not receive any benefit entitlements in ART, including any insurance cover you held whilst a member of Alcoa Super.
The Trustees are now at Phase 4 in the Successor Fund Transfer process. This includes executing a detailed process to transfer members’ benefits to the new fund with minimal disruption. You will receive information on this in your Significant Event Notice communication, which outlines the details of the process and what the transition means for our members.
The final phase of the process, Phase 5, is when the transfer process has been completed and members are able to access their accounts with ART and future employer contributions (where applicable) will be made. Information will be provided in your Transfer Statement from Alcoa Super confirming your account details, including your account balance, that have been transferred to ART.
If you have any questions regarding your superannuation, please contact us on 1800 355 028.