Retirement
Super funds slate 1 November as merger date
Two industry super funds have offered a 1 November 2019 target date for a merger to take place, after a previous announcement signified an intention to join forces.
Super funds slate 1 November as merger date
Two industry super funds have offered a 1 November 2019 target date for a merger to take place, after a previous announcement signified an intention to join forces.
Hostplus and Club Super have today confirmed they have each signed on to a Successor Fund Transfer Deed, noted as a “key” milestone towards the merger of the two entities.
The two funds had previously released a joint statement, reporting they had entered into a memorandum of understanding to formally pursue discussions and undertake a comprehensive due diligence process for a possible merger.
A statement noted the industry funds as sharing “common heritage”.
“Both funds believe there is a strong alignment between the organisations and that their combined strengths can provide for greater future outcomes for their members.”
Hostplus CEO David Elia commented that the merger was a significant and positive development for all involved.
“We embrace this opportunity to welcome Club Super members, employers and key staff into the Hostplus family,” he said.
“It’s a proud moment for both of our organisations and the decision to merge has not been made lightly.
“We will continue to focus on ensuring our merged funds continue to deliver high-quality products and services, investment performance and retirement outcomes for our 1.2 million members and their families.”
Club Super’s chair, Sharron Caddie, also weighed in, noting how the merger of the funds serves was a practical example and demonstration that member best interests are at the forefront of decision-making by both boards.
“In executing the Successor Fund Transfer Deed, we are actively helping to bring enhanced services and benefits to our members and employers, while continuing to recognise and support the community and sporting clubs they work so tirelessly in,” she explained.
Members will shortly receive a detailed overview of the merge process and next steps and actions to successfully complete the merger, it was reported.
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