Hostplus and Statewide has signed an exclusive Heads of Agreement as part of the merger process being undertaken by both industry superannuation funds.
Both funds said they would commence reciprocal due diligence to confirm that a merger was in the best interests of their members.
The trustee boards would then move to execute a successor fund transfer deed with the aim of completing the merger during the second quarter of 2022.
Hostplus and Statewide Super previously announced they had initiated merger discussions following a detailed competitive assessment conducted by Statewide Super’s trustee, followed by a period of consultation with Hostplus.
This assessment determined that the funds’ respective members, contributing employers and associated communities would realise scale and several other anticipated benefits from a combined fund.
The merger of the funds would create a significantly broader national fund which was anticipated to have over 1.4 million members, 258,000 contributing employers and more than $90 billion in funds under management.