Hostplus has progressed to the next stage of a merger with industry fund Maritime Super.
The two funds had signed a successor fund transfer deed to formalise the merger.
This would allow Maritime to transfer its members to Hostplus and bring its investments into the portfolio.
Hostplus would retain and administer a number of grandfathered defined benefit products held by Maritime Super members.
David Elia, chief executive of Hostplus, said: “This represents Hostplus’ commitment to creating a broad-based, national fund of greater size and scale, supporting an increasing number of Australians who have entrusted us with their retirement savings. Maritime Super’s heritage and strong ties with the maritime industry will add to the diversity of the membership and evolution of the merged fund.
“We are proud to have been chosen as Maritime Super’s merger partner and we look forward to welcoming Maritime Super’s members and employers in 2023.”
Peter Robertson, Maritime Super chief executive, said: “We have been invested in the Hostplus Pooled Superannuation Trust (PST) for around two years. And whilst we know that past investment outcomes do not guarantee future outcomes, I am very pleased to say Hostplus to date has delivered strong investment outcomes for our members. And we’re on track to provide even more efficiencies for our members through a full merger.”
“We take great comfort in our existing relationship with Hostplus and thorough due diligence we’ve undertaken together to ensure positive member outcomes and an ongoing high standard of member service.”
The SFT was expected to take place in September 2023.
