It has been confirmed that superannuation funds Hostplus and Club Super will merge effective as of 1 November 2019. The funds expect that by combining their strength they will be able to ensure greater future outcomes for their 1.22 million members.
So how will this change affect me?
To ensure ease of transition, if you are a Club Super member you will be provided with a guide to the merger which outlines the services which will be impacted and any important actions that you may be required to take before or after 1 November 2019.
Club Super members will have their account balance automatically transferred to the Hostplus investment option that is most similar to their current investment option with Club Super having regard to objective, strategy and risk.
It is expected that Club Super accounts that are transitioned will be fully operational with Hostplus on 14 November 2019, meaning that if you are a transitioning member, you will need to wait until this date to transact or make any changes to the suite of 23 investment options offered by Hostplus. Club Super has further indicated that there may be a change in fees for members’ new accounts with Hostplus.
If you are a Hostplus member, the merger will not affect your account, nor will you need to take any action.
This year has sparked a chain of superannuation fund mergers with First State Super and VicSuper, Tasplan and MTAA Super all recently signing deals to merge. EquipSuper and Catholic Super are also expected to finalise their joint venture next year.
Are you thinking of lodging an insurance claim or would like further information as to how these changes might affect your insurance?
At Gerard Malouf & Partners Compensation Lawyers we are confident in our ability to obtain you maximum value in your Superannuation dispute Insurance claim. Call us on 1800 004 878 or complete our email enquiry form.