Australia’s leading hospitality industry super funds Hostplus and Intrust have outlined plans to merge in November 2021, after signing a Successor Fund Transfer Deed.
The combination of the two funds will be a huge boost to the hospitality industry, with Hostplus CEO David Elia saying 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,” he said.
“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.”
Hostplus currently has over 1.25 million members, 233,000 contributing employers and $66bn funds under management, while Intrust Super provides superannuation and retirement solutions to over 90,000 members and 25,000 employers, with approximately $3bn in assets under management.
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”, 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.”
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.