The SFT deed will allow Statewide Super to transfer their members and investments to Hostplus.
Hostplus continues to grow as the lifetime fund of choice for Australians and employers from a broad range of backgrounds and industries.
The merger between these long-standing, well-established profit-for-member industry super funds will result in a multi-sector, national fund anticipated to have over 1.5 million members, 280,000 contributing employers and more than $85 billion in funds under management1,2.
David Elia, Chief Executive Officer of Hostplus, said today is an important step towards a successful merger between the two funds.
“We are absolutely delighted today as we continue to create a national fund of greater size and scale, supporting the best financial interests of our broadening membership. We are really proud of what we continue to build at Hostplus and we look forward to welcoming Statewide Super’s members, employers and staff in 2022.”
“I have enormous respect for Statewide Super’s achievements and their dedication to their members over many years. Positive mergers like this one are another great way we can both deliver significant benefits to our members.
”Chief Executive Officer of Statewide Super, Tony D’Alessandro, said he is very pleased with the outcomes of the comprehensive due diligence and demonstrable benefits for Statewide Super members.
“Statewide Super members, who are in majority down the central corridor of Australia, will benefit from being with a super fund of larger scale.”
“This merger will lead to low administration fees, no asset-based administration fees, an expanded product range and greater investment opportunities, while still offering local servicing both in-person and over the phone in South Australia and the Northern Territory,” said Mr D’Alessandro.
As a result of the merger, the benefits of this local servicing will be extended to the more than 60,000 Hostplus members based in SA and NT.
An extension of the continuation of local services is the retention of Statewide Super staff.
“We are pleased Hostplus remains committed to continuing our legacy of investment in SA and the NT. We anticipate this merger will bring greater opportunities for investments and sponsorships to benefit our members and communities,” said Mr D’Alessandro.
Statewide Super retains strong ties to local government in SA and NT which will add to the diversity of the membership of the merged fund.
The SFT is expected to take place on 1 April 2022.
1 Projected figures of combined fund size and assets at merge date.
2 Hostplus anticipates managing $92 billion in funds under management, including other investments managed by the Hostplus Pooled Superannuation Trust.