Now operating under the CareSuper brand, the merged fund claims the position of the 14th largest super fund in Australia. It serves a robust membership of over 550,000 and manages assets totaling a substantial $53 billion.
The financial stature and history of the individual funds provide context to this move. Spirit Super, which traced its origins back to 1989 in the motor trades and allied industries, reported $27 billion in assets with 350,000 members for the fiscal year 2022-23. On the other hand, Care Super, established slightly earlier in 1986, served the clerical and administrative services sectors with $23 billion in funds under management and 226,000 members.
In alignment with the merger plan, former Spirit Super CEO Jason Murray takes on the role of CEO for the combined entity, while CareSuper's Linda Scott remains as chair. The organizational shifts also included several changes in board composition, with directors exiting from both funds.
Murray welcomed the merger, noting, “an important forward step towards that vision for the 550,000 members we’re privileged to serve.” He emphasized the organization's commitment to delivering high value, pointing out their dedication to personalizing member care, enhancing service, and maintaining an award-winning experience.
Linda Scott acknowledged the dedication of departing directors and the collaborative efforts of both boards which were crucial in achieving this union. “The Boards of both our industry superannuation funds have worked collaboratively over the past two years to achieve this significant transformation for our combined membership, and I want to pay tribute to their diligence and service,” she noted.
The merger does come with some short-term drawbacks as members of the new CareSuper may experience temporary service disruptions, notably in Member Online services, throughout November as the systems transition.
It’s clear from the comments of both Murray and Scott that this merger aims to be more than just a consolidation of resources. It sets a precedent for enhancing member experience and extending the fund's capabilities, fulfilling a strategic vision of value-enhanced service.
This article draws information from Patrick Buncsi's report on the completion of the merger between CareSuper and Spirit Super, highlighting a pivotal strategy in Australia's superannuation industry.
