Retirement
2 Aussie super funds want to merge
Two industry funds have announced they are discussing the merging of their super fund offerings.
2 Aussie super funds want to merge
Two industry funds have announced they are discussing the merging of their super fund offerings.
Hostplus and Club Super have released a joint statement, reporting that the two funds have entered into a memorandum of understanding to formally pursue discussions and undertake a comprehensive due diligence process for a possible merger.
Hostplus was founded in 1988 by the Australian Hotels Association and United Voice. It boasts of more than 1 million members with approximately $43 billion of funds under management.
Queensland-based Club Super is an industry super fund for community clubs incorporating sporting, returning services, recreational and associated industries.
Both superannuation funds said they anticipate that this process will lead to Hostplus and Club Super’s trustees signing a successor fund transfer deed approving such a merger.
All affected members and employers will be kept informed of the outcomes of the funds’ discussions once the merger opportunity has been fully explored, it was reported.
The industry funds believe there is a strong alignment between the organisations, which, when combined, are expected to deliver greater benefits and outcomes for their members, their statement said.
They also acknowledged their sharing of a common member profit heritage and history, as well as a focus on serving the hospitality, tourism, recreation and sporting sectors.
For Hostplus chief executive David Elia, the due diligence phase will allow Hostplus and Club Super to more formally evaluate a merger proposal.
He said Hostplus is looking forward to working with Club Super through the discussion phase “during which our funds’ members and their employers will continue to receive the same high-quality service and outcomes they have come to expect of us”.
Sharron Caddie, chair of Club Super, added that they are also keen to explore “how a merger of our funds, based on shared values, our ‘all profit to member’ philosophy and focus and track record in serving the hospitality, clubs and allied sectors, would better serve our members and stakeholders both here in Queensland and nationally”.
RELATED ARTICLES
About the author
About the author
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
