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Hostplus and Maritime Super sign Memorandum of Understanding

Hostplus and Maritime Super 

Hostplus and Maritime Super have today jointly announced that the funds have entered into discussions in relation to a merger of the two funds.

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.

1. Source: SuperRatings Accumulation Fund Crediting Rate Survey – SR50 Balanced (60–76) Index, December 2021. Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a superannuation fund.

This website is issued by Host-Plus Pty Limited ABN 79 008 634 704, AFSL 244392 as trustee for the Hostplus Superannuation Fund (the Fund) ABN 68 657 495 890, MySuper No 68657495890198. Hostplus Self-Managed Invest (SMI) is issued by Host-Plus Pty Limited ABN 79 008 634 704, AFSL 244392 as trustee for the Hostplus Pooled Superannuation Trust (PST) ABN 13 140 019 340. It contains general advice only and does not take into account your personal objectives, financial situation or needs. You should consider if this information is appropriate for you in light of your circumstances before acting on it. Please read the relevant Hostplus Product Disclosure Statement (PDS) or Hostplus SMI PDS before making a decision about Hostplus. For a description of the target market, please read the Target Market Determination (TMD), available at hostplus.com.au. You can view detailed disclaimers here. Hostplus has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195, AFSL 232514 to facilitate the provision of personal financial advice to members of Hostplus. Advice is provided by financial planners who are Authorised Representatives of IFS. Fees may apply for Comprehensive Financial Advice, further information about the cost of comprehensive advice is set out in the relevant IFS Financial Services Guide, a copy of which is available from your financial planner. Hostplus has engaged Link Advice Pty Ltd ABN 36 105 811 836, ASFL 258145 to facilitate the provision of limited personal financial advice to members of Hostplus via the web-based product Super Adviser.