The two funds have signed a Successor Fund Transfer (SFT) deed to formalise the progression of a merger, the pair said in a statement on Thursday.
The SFT deed will allow Maritime Super to transfer its 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.
Commenting on the milestone, David Elia, CEO of Hostplus, said, “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,” Mr Elia said.
“Positive mergers like this one are another great way we can both deliver significant benefits to our members.”
Also commenting on the merger, Peter Robertson, CEO of Maritime Super, said, “We have been invested in the Hostplus Pooled Superannuation Trust (PST) for around two years.”
“And whilst we know that past investment outcomes do not guarantee future outcomes, I am very pleased to say that Hostplus to date 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 the thorough due diligence we’ve undertaken together to ensure positive member outcomes and an ongoing high standard of member service.”
Maritime Super staff are expected to be offered employment with either Hostplus or its fund administrator, Link Group.
The SFT is expected to take place in September 2023.