02
July
2019
|
09:53
Australia/Melbourne

Hostplus and Club Super in merger discussions

Summary

Hostplus and Club Super are today pleased to jointly announce 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.

-Ends-

Media enquiries:

Media enquiries: Hostplus - Phil Davey (0414 867 188)

Club Super - Sharron Caddie (0419 551 095)

Boilerplate

Hostplus is the national superannuation fund for those that live and love Australian hospitality, tourism, recreation and sport. Established over 30 years ago, in 1988, by the Australian Hotels Association and United Voice, Hostplus is today one Australia’s largest profit-for-members super funds with over 1.2 million members, 180,000 employers and $42 billion funds under management.

Club Super is the Queensland Industry Super Fund designed specifically for employees in the sporting and recreational clubs and associated industries and is run only to benefit members. Club Super currently has 22,000 members, 4,600 employers and $560 million funds under management.