Hostplus and Intrust Super have today confirmed they have signed a Successor Fund Transfer Deed, a key milestone towards the merger of the two funds with a target date of 26 November 2021.With its origins in the hospitality, tourism, recreation and sports sectors, Hostplus continues to evolve and grow as the lifetime fund of choice for Australians and employers from a broad range of backgrounds and industries. Today, Hostplus is one of the largest and best-performed super funds in Australia, with over 1.25 million members, 233,0001 contributing employers and $66 billion funds under management 2.
Intrust Super’s heritage is in the hospitality, clubs, tourism and retail sectors. The Fund has a proud record of delivering first-class service to its members and employers since 1988. Today, Intrust Super provides superannuation and retirement solutions to over 90,000 members and 25,000 employers, with approximately $3 billion in assets under management3.
As leading industry super funds with a common heritage and ethos, when combined with strong alignment of values, beliefs and vision between the organisations, will deliver greater outcomes for members as a result of the merger.
David Elia, Chief Executive Officer of Hostplus said the merger represents a significant and positive milestone for the funds and their respective members, contributing employers and stakeholders.
“We are delighted today, to have formally entered into an agreement with Intrust Super to merge our two funds to create a truly national fund of greater size and scale. As such, we wholeheartedly look forward to welcoming Intrust Super’s members, employers and staff into the Hostplus family.”
“A significant amount of work has preceded today’s announcement. Both funds continue to approach this merger with enthusiasm and pride; and both funds have a deep respect for each other’s distinctive achievements, performance track-record and for-member profit ethos and values.”
“While today is an important occasion for both of our organisations, we will remain focused on ensuring our merged fund continues to deliver high-quality products and services, investment performance and retirement outcomes for our combined 1.3 million members and their families,” Mr. Elia said.
Intrust Super’s Chief Executive Officer, Brendan O’Farrell, said today’s merger announcement served as a practical demonstration of two highly respected and well-performed funds electing to combine their competitive advantages for the benefit of members.
“The collective and shared heritage and core traits of Intrust Super and Hostplus forms a solid foundation for what we expect will be a great union of our funds. The merger to be completed later this year, places the best interests of both funds’ combined members at the forefront of our approach to ensuring continued growth, competitiveness, sustainability, and success. The continued growth of Hostplus will help to further secure strong retirement outcomes for Intrust Super members now, and into the future”, Mr. O’Farrell said.
“In executing the Successor Fund Transfer Deed with Hostplus, we are actively working to bring enhanced services and benefits to our members and employers. At the same time, we recognise and respect the core sectors that many of our combined members passionately and tirelessly work within. The merged entity will enable a strong, continued focus on those sectors,” he added.
Both members and employers will shortly receive further and more detailed information relating to the expected merger benefits, the process to complete it and relevant next steps and actions.
