HOSTPLUS and Club Super have jointly announced that they are in discussions in relation to a merger of the two superannuation funds.
The funds have entered into a memorandum of understanding to formally pursue discussions and undertake a comprehensive due diligence process, which is anticipated to lead to the two funds’ trustees signing a successor fund transfer deed approving the merger of Hostplus and Club Super.
As industry funds with a common member profit heritage and history, and focus on serving the hospitality, tourism, recreation and sporting sectors, both funds believe there is a strong alignment between the organisations which when combined are expected to deliver greater benefits and outcomes for their members.
Hostplus’ chief executive, David Elia, said today that this due diligence phase would allow both funds to more formally evaluate the merger proposal.
“We look forward to working with Club Super through this phase during which our funds’ members and their employers will continue to receive the same high-quality service and outcomes they have come to expect of us," he said.
“Along with Hostplus, we are keen to explore how a merger of our funds, based on shared values, our all profit to member philosophy and focus and track record in serving the hospitality, clubs and allied sectors, would better serve our members and stakeholders both here in Queensland and nationally”, Club Super chair, Sharron Caddie said.
Both funds confirmed that their respective members and employers will be kept informed of the outcomes of the funds’ discussions once the opportunity has been fully explored.