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.
1 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.