01 June, 2023

CareSuper and Spirit Super enter binding agreement to merge, announcing proposed leadership

CareSuper and Spirit Super are pleased to announce that they have entered into a binding agreement to merge the two funds. This comes after an extensive due diligence process, with the merger expected to be completed in late 2024.

The agreement will create a combined fund with more than 500,000 members and almost $50b in funds under management. In a joint statement the Chair of CareSuper, Linda Scott, and the Chair of Spirit Super, Maria Wilton AM, said: 

“This announcement is an exciting moment for both funds, who share a bold vision to create a national, mid-sized fund that provides a distinct point of difference in the market. CareSuper and Spirit Super are both high performing funds. This merge will offer members a fund that leverages the strengths of each to deliver great outcomes for members and all stakeholders. 

“We are pleased to announce that the combined entity will be chaired by Linda Scott, the current Chair of CareSuper. Jason Murray, currently CEO of Spirit Super, will become the CEO of the combined fund. Bringing together a leader from each of the funds reflects the close collaboration to date and the shared vision of the funds’ leadership. 

“As member-focused industry super funds, this binding agreement is a critical and positive step forward in serving our members’ best financial interests. This growth is essential to continue to drive outstanding value and service, cementing the vision both funds have of being a sustainable, mid-sized fund and leaders in member experience and driving strong retirement outcomes.”

The merger will take place in late 2024. Up until that time nothing changes for the members of both funds. They remain members of either CareSuper or Spirit Super with administration, investments and customer service managed by their respective fund. Likewise, staff at each fund continue to work to support their members. 

CareSuper was established in 1986 and is today the super fund for life for people who value high performance and a smoother investment ride over the long term. CareSuper has around 220,000 members and $20 billion in funds under management.

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 325,000 members and $25 billion in funds under management.

All media inquiries for this announcement should be directed to Phil Davey, 0414 867 188 or [email protected]  

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