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Hostplus and Statewide Super sign Heads of Agreement

The trustee boards of Hostplus and Statewide Super have signed an exclusive Heads of Agreement, an important milestone in the merger process currently being undertaken by both funds.

A successful merger between these long-standing, well-established profit-for-member Industry superannuation funds is intended to create a significantly broader, multi-sector, national fund anticipated to have over 1.4 million members, 258,000 contributing employers and more than $90 billion in funds under management1.

Hostplus and Statewide Super have previously advised that their boards had initiated merger discussions following a detailed competitive assessment conducted by Statewide Super’s trustee, followed by a period of consultation with Hostplus. This assessment determined that the funds’ respective members, contributing employers and associated communities would realise scale benefits and a number of other anticipated benefits from a combined fund. 

The funds will now commence reciprocal due diligence to confirm that a merger is in the best interests of their members, with a view to the trustee boards moving to then execute a Successor Fund Transfer Deed with the aim of completing the merger during the second quarter of 2022.

This is an internal Hostplus assessment / estimate based on the projected combined membership, contributing employers and funds under management (as at 1 April 2022) following the completion of mergers with Intrust Super and Statewide Super.