Today’s announcement follows Maritime Super having undertaken a competitive assessment of potential merger partners and coincides with the funds having signed a Memorandum of Understanding (MoU), ahead of entering into reciprocal due diligence to confirm that a merger is in the best interests of their members.

The MoU further builds on the funds’ existing partnership, which in April 2021 saw Maritime Super enter into a strategic outsourcing arrangement by moving the management of its investment assets to Hostplus’ Pooled Superannuation Trust.

The funds anticipate that upon the successful completion of due diligence the funds’ trustees will sign a successor fund transfer deed and prepare a transition plan which would target Hostplus’ and Maritime Super’s merger in early 2023.

David Elia, Chief Executive Officer of Hostplus, said “We’re delighted to be extending our strategic investment relationship with Maritime Super to now work towards a merger of our funds. We look forward to continuing to deliver exceptional outcomes for our expanded membership, including delivering one of the lowest admin fees of all MySuper funds, market-leading default investment outcomes – especially from our MySuper Balanced option which is ranked number one for investment performance over 7, 10, 15 and 20 years¹ – and other benefits of scale.”

Peter Robertson, Chief Executive Officer of Maritime Super, said “We see our already established relationship and the fundamental alignment between our funds – from our similar industry fund values to our dedication and passion for our members, employers, staff and stakeholders – as providing an excellent foundation for a successful merger partnership.”

Hostplus continues to evolve and grow as the lifetime fund of choice for Australians and employers from a broad range of backgrounds and industries. Today, more than 50% of Hostplus’ membership and 70% of participating employers come from industries outside of its traditional sectors. The fund expects the recent “choice of fund” and “stapling” reforms will see this trend continue, exemplified by this proposed merger with Maritime Super.

Both fund’s CEOs confirmed that their respective members and employers will be kept informed of the outcomes of the funds’ merger discussions once the opportunity has been fully explored.