Hostplus and Maritime Super have today signed a Successor Fund Transfer (SFT) deed to formalise the progression of a merger between the two industry super funds.

The SFT deed will allow Maritime Super to transfer their members to Hostplus and bring Maritime Super’s investments, which are already managed by Hostplus, into the broader Hostplus portfolio. 

As part of the merger Hostplus will retain and administer a number of grandfathered defined benefit products held by Maritime Super members. 

David Elia, Chief Executive Officer of Hostplus, said the signing of the SFT deed is an important step towards a successful merger between the two funds.

“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.”

“Positive mergers like this one are another great way we can both deliver significant benefits to our members.

Peter Robertson, Chief Executive Officer of Maritime Super, confirmed the strong alignment between the two funds with parallel industry fund values and commitment to members, along with their existing investment partnership.   

“We have been invested in the Hostplus Pooled Superannuation Trust (PST) for around two years and this 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 is expected to take place on 1 September 2023.

Maritime Super is the largest industry fund for the maritime industry.  

As Australia’s longest-running industry super fund, we’ve delivered innovative super and retirement benefits to generations of members for over 50 years.   

With a national presence and dedicated team, we offer personalised service through member engagement programs that include worksite visits across the country. 

Our goal is to help members make the right decisions now to secure financial freedom in the future.

Hostplus has grown to be one of the largest industry super funds in Australia.

With 1.7 million members, more than 308,000 employers and $103.7 billion in funds under management, our scale and ongoing growth allows for low member costs and a broad range of investment opportunities, as at 31 October 2022.

To learn more, please visit www.maritimesuper.com.au