Hostplus signs SFT with Maritime Super

1 December 2022
| By Laura Dew |
image
image
expand image

Hostplus has progressed to the next stage of a merger with industry fund Maritime Super.

The two funds had signed a successor fund transfer deed to formalise the merger.

This would allow Maritime to transfer its members to Hostplus and bring its investments into the portfolio.

Hostplus would retain and administer a number of grandfathered defined benefit products held by Maritime Super members.

David Elia, chief executive 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.”

Peter Robertson, Maritime Super chief executive, 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 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 thorough due diligence we’ve undertaken together to ensure positive member outcomes and an ongoing high standard of member service.”

The SFT was expected to take place in September 2023.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 7 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 7 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 8 hours ago