Hostplus has signed a successor fund transfer (SFT) deed with Statewide Super to progress the merger between the two funds.
The SFT deed would allow Statewide Super to transfer its members and investments to Hostplus which was expected to take place by 1 April, 2022.
The combined fund would have over 1.5 million members and more than $85 billion in funds under management.
David Elia, chief executive of Hostplus, said: “We are absolutely delighted today as we continue to create a national fund of greater size and scale, supporting the best financial interests of our broadening membership. We are really proud of what we continue to build at Hostplus and we look forward to welcoming Statewide Super’s members, employers and staff in 2022.
“Positive mergers like this one are another great way we can both deliver significant benefits to our members.”
Tony D’Alessandro, chief executive of Statewide Super, said: “Statewide Super members, who are in majority down the central corridor of Australia, will benefit from being with a super fund of larger scale.”
“This merger will lead to low administration fees, no asset-based administration fees, an expanded product range and greater investment opportunities, while still offering local servicing both in-person and over the phone in South Australia and the Northern Territory.”
Statewide Super said it would retain strong ties to local government in SA and NT.