Trustees of superannuation funds must at all times act in their members’ best interests. Sometimes the best interests of members can only be met by super funds merging.
As Hostplus and Club Super are both industry funds with a common ‘all profit to member’ heritage, as well as a focus on serving the hospitality, tourism, recreation and sporting sectors; the trustees of Hostplus and Club Super wish to explore whether a merger between both funds could deliver greater benefits and outcomes for a combined membership.
Having completed due diligence and deciding that a merger is in the best interests of their respective members, Trustees for both funds have signed what’s known as a Successor Fund Transfer Deed.
The merger is due to take place on 31 October 2019 with all transferred Club Super accounts expected to be fully operational in Hostplus by 14 November 2019.
Both Hostplus and Club Super are committed to ensuring their members and employers are kept up to date with all key developments before, during and after the merger. A Significant Event Notice is currently being issued to all members and continued communications will be sent to employers.
Central to the decision to merge is the need for both Trustees to ensure their members have equivalent (but not necessarily identical) rights in the merged entity. Club Super members will continue to enjoy similar products and services following the merger.
While your account will be transferred to Hostplus automatically, there will be a window of limited service from 24 October to 13 November 2019 as account data is transferred. During this time there will be reduced transactional functions available across both Funds, meaning you’ll need to wait until up to the 14th November if you want to make changes or transact on your new Hostplus account.
As a valued Club Super member you will have received a comprehensive guide to the merge in the form of a Significant Event Notice detailing any impacted services and identifying important actions which you may need to be take before or after the merger.
As part of the merger your Club Super employer arrangements will be transferred to Hostplus.
Rest assured, both Funds are working together to ensure you are fully informed of all developments and that the transition process from Club Super to Hostplus will cause minimal disruption to your business and employees.
Please be aware there will be a window of limited service from 24 October to 13 November 2019 as account data is shifted between Funds, during this time services will be impacted across both Funds with reduced transactional functions available. Due to this impacted service period all Club Super employers are required to make final contributions to Club Super by 24 October 2019.
Hostplus wants to ensure your business continues to enjoy the same level of service excellence that you’ve come to expect from Club Super and you will soon receive a comprehensive Employer Kit outlining all necessary actions for your business to take advantage of the new arrangements with Hostplus.
Some of the fees and costs for your new Hostplus account will be different to that of your Club Super account. As both Hostplus and Club Super share a common profit-to-member heritage, our goal is to keep fees as low as possible.
Hostplus offers a suite of 23 investment options including options equivalent to those currently available through Club Super. Club Super members will have their Club Super account balance(s) transferred to the Hostplus investment option(s) that most closely matches their current Club Super investment option(s) in terms of investment strategy, objective and risk. Once your account is active with Hostplus you will be able to switch between Hostplus’ range of investment options.
Existing Club Super members will receive equivalent or superior insurance cover with Hostplus.
Of course! We’ll provide updates to both members and employers on all key developments. We’re here to help. You can contact either Club Super or Hostplus at any time for further information about the merger.
Web enquiry form: hostplus.com.au/help/online-enquiry
Call: 1300 467 875, 8:00 am - 8:00 pm (AEST), Monday to Friday