CareSuper and Spirit Super merger update

In June 2023, we announced that we entered into a binding agreement to merge with Spirit Super. This came after an extensive due diligence process. We’re pleased to announce that the merger is on track to be completed on 1 November 2024.

It’s an exciting opportunity for both funds – we share a vision to create a national, strong fund that provides a distinct point of difference in the market. The merger will create a combined fund with more than 500,000 members and almost $50 billion in funds under management.

The merger is a positive step forward in serving all our members’ best financial interests now and into the future.

Business as usual

For now it’s business as usual and there’s nothing members need to do.

Merging two funds can be a lengthy process and we want to keep you updated throughout, so we've compiled some questions and answers below with the most recent information. We’ll write to members closer to the date with details about the new fund.

Frequently asked questions

Why are we merging?

Combining the two funds will offer additional scale which will allow the fund to continue developing the best possible offer for our members. Both are highly regarded, award-winning and high-performing super funds who share a vision to leverage the strengths of each. After a significant amount of consideration and due diligence, we’re confident that it will serve our members’ best financial interests.

What’s happening between now and when the merger is finalised?

Planning for the merge between both funds is underway. We are committed to working together to create a new fund that incorporates the best parts of each fund. This work is detailed and we’ll keep you informed via our regular communication channels, including our newsletters and website. All members will receive individually addressed written notification of the merger outlining the changes and details relevant to them with the issuing of a Significant event notice (SEN) as we approach the merger date.

In the meantime, there are no immediate changes to either fund, the investment program or the products and services you can expect from us. While we undertake the important work required to ensure a successful merger, our members and their retirement outcomes remain our focus.

Our members and employers are our priority. Your key contacts remain the same throughout this period, and members can call us on 1300 360 149 between 8am and 8pm Monday to Friday. As always, we encourage you to reach out if you have questions or need further support.

Who is Spirit Super?

Spirit Super was established in 2021 through the merger of Tasplan and the Motor Trades Association of Australia Superannuation Fund. As the fund for hard-working Australians, with a focus on growing membership in regional Australia, Spirit Super has over 345,000 members and $27 billion in funds under management. You can find more information at spiritsuper.com.au.

Who will be the Chair and CEO of the new fund?

The combined fund will be chaired by Linda Scott, the current Chair of CareSuper and the CEO will be Jason Murray, current CEO of Spirit Super. Bringing together a leader from each of the funds reflects the close collaboration to date and the shared vision of the funds’ leadership.

What happens with my account now?

Nothing will change on your account or in the way we manage your account right now. As an industry fund, our commitment is and will remain to look after our members as our priority. As decisions are made for the future, we’ll communicate with you. All members will receive individually addressed written notification of the merge with the issuing of a Significant event notice (SEN) as we approach the merger date.

Do I need to do anything?

There’s nothing you need to do now – your account will continue without any changes. We’ll communicate with you if anything is to change.

Will performance be affected while you work through the details of the new fund?

No. There are no changes to our fund right now, the way we operate or the way we manage your investments.

Will your services be affected?

No, right now it’s business as usual. We’ll continue to provide you with high quality products and service. We’ll keep our members and stakeholders informed of any material decisions throughout the implementation phase.