Governance and transparency
We’re open and transparent about how we operate. Here are all the details including the policies, codes and regulations that guide us.
Date updated: 15/07/2024
How we operate
Spirit Super is run solely for the benefit of our members.
The trustee has significant experience in managing your super, with a history going back to 1989.
Spirit Super is a public offer super fund established by a Trust Deed which sets out the structure of the fund, the rules for its operations, and the powers and duties of the trustee of Spirit Super.
The trustee has significant experience in managing super, having been trustee of the MTAA Super fund since 1989.
Spirit Super is a resident regulated super fund under the Superannuation Industry (Supervision) Act 1993. Our activities are regulated by the Australian Prudential Regulation Authority (APRA), Australian Securities and Investments Commission (ASIC), Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Taxation Office (ATO).
Our trustee
The trustee of Spirit Super (ABN 74 559 365 913) is Motor Trades Association of Australia Superannuation Fund Pty. Limited (ABN 14 008 650 628, AFSL 238 718).
The rules about the internal management of the trustee (including for example, how directors are appointed) are set out in the Trustee Constitution.
Licence information
Trustees of registrable superannuation entities must be licensed by APRA, the industry's prudential regulator. APRA granted the trustee an RSE Licence (L0001069) effective from 28 February 2006.
Spirit Super is registered by APRA as a registrable superannuation entity (R1004373) (29 March 2006).
The trustee also holds an Australian Financial Services Licence (AFSL 238 718) issued by ASIC on 31 January 2004. The licence authorises the trustee to provide a super trustee service and to deal in and provide financial advice about super products.
AIST Governance Code
The AIST Governance Code is a principles-based framework that promotes continuous improvement in governance practices within the profit-to-members super sector. The trustee has adopted the Code as part of its governance practices and will report annually to the AIST Governance Code Monitoring Panel on its compliance with the Code.
Code of conduct
We aim to achieve sustainable performance and deliver value to our members without compromising our values or integrity. Our Code of Conduct demonstrates Spirit Super's commitment to ethical and responsible behaviour.
All board members, executives and employees of Spirit Super adhere to the values and principles set out in the Code of Conduct.
Annual trustee determination and member outcomes assessment
Each year the trustee is required to determine whether the financial interests of members are being promoted by the trustee having regard to a comparison with other similar products and specified benchmarks and factors. The annual determination, and a summary of the assessments and comparisons on which the determination is based must be made publicly available on the website.
The Trustee's member outcomes assessment is a holistic assessment of our performance across relevant areas of the business. This includes:
- investment performance
- costs and fees
- insurance
- scale
- options, benefits and facilities and
- operating costs.
The aim of the review is to measure our performance against our strategic objectives and to identify areas of improvement that will allow us to enhance business operations and drive sustainable delivery of quality outcomes to members.
The latest assessment is available at Member outcomes assessment 2021-22.
Insurance in Superannuation Voluntary Code of Practice
Spirit Super previously stated its intent to adopt the Insurance in Superannuation Voluntary Code of Practice (the Code). The Code was scheduled to come into effect on 1 January 2022.
Since the development of the Code, the majority of the requirements have been overtaken by legislative and regulatory reforms. In addition, many of the elements of the Code have already been implemented by Spirit Super to improve member benefits and experience.
The Code Owners announced on 30 June 2021 that the Code has been replaced with guidance on issues not covered by legislation. This guidance aims to improve outcomes for vulnerable members and claims handling for members with insurance in their super accounts.
The guidance has been developed by the Code Owners and Spirit Super will consider it in our interactions with members.
Note: The Code Owners are The Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).
Our Insurance strategy
Our Insurance strategy describes how we provide and manage the insurance benefits for our members.
Our Retirement income strategy
Our Retirement income strategy describes how we provide appropriate retirement products and services for our members.
How our Board works
The Board is responsible for the overall governance and strategic direction of Spirit Super. It ensures Spirit Super is managed in our members’ best interests by strategically directing and prudently overseeing the management of Spirit Super, and by demanding high standards of conduct and service of our Executive Team and service providers.
Our Board is made up of:
- four Member-Representative Directors
- four Employer-Representative Directors
- two Independent Directors
How our Board members are appointed
There are rules about how our Board members are nominated, appointed and removed. The process varies depending on the type of Director role on the Board.
Find out how the process works.
Remuneration of our Directors and Executive Officers
Our remuneration structure is designed to attract and retain the experts we need to get the best outcomes for our members.
View the current remuneration information for our Directors and Executive Officers
Board Committees
The trustee Board has established committees to oversee certain business areas within Spirit Super. These committees are made up of Board members and regularly report to the Board. The responsibilities and members of each Board Committee is listed below.
Investment Committee
The Investment committee is responsible for the Trustee's investment-related functions. Key duties include:
- reviewing the member investment choice options and the risk and return objectives for each
- reviewing and approving the long-term strategic asset allocation
- reviewing the portfolio construction plan for each of the main asset classes
- reviewing the performance of each investment option against appropriate benchmarks and
- ensuring the investment strategy is executed in accordance with our risk management framework.
Committee members: Maria Wilton (Chair), Anne O'Donnell, Peter Savige, Geoff Lowe and Jess Munday.
Finance, Audit and Compliance Committee
The Finance, Audit and Compliance Committee oversees fund finances and compliance obligations. Key duties include:
- the monitoring and assessment of the financial management of the trustee and the fund
- the compliance of the Trustee in managing the Fund and
- oversight of our auditors.
Committee members: John Mazengarb (Chair), Geoff Lowe, Tom Lynch, Anne O'Donnell and Andrew Dettmer.
Risk Committee
The Risk Committee helps the trustee manage risk. Key duties include:
- monitoring, reviewing and assessing the management of risk in relation to the trustee and the fund and
- providing oversight of the implementation and operation of the trustee's risk management framework and to form an overall view of the strength of the Trustee's risk position relative to its risk appetite.
Committee members: Anne O'Donnell (Chair), Maria Wilton, Peter Savige, Rhonda O’Donnell and Susan Parr.
People & Culture and Remuneration & Nomination Committee
The People & Culture and Remuneration & Nomination Committee ensures the right people are appointed to the Board.
Key duties include:
- reviewing and making recommendations for the remuneration of relevant persons including Directors
- assessing fitness and propriety of new and existing Directors
- assessing conduct of Executives against prudential requirements and risk
- monitoring and assessing succession planning for the Board and its committees
- facilitating and implementing annual and triennial evaluations of the Board and the Directors.
Committee members: Rhonda O'Donnell (Chair), Maria Wilton, Tom Lynch, John Mazengarb and Andrew Dettmer.
Read the People & Culture and Remuneration & Nomination Committee Charter.
Member Benefits and Services Committee
The Member Benefits and Services Committee monitors, reviews and assesses the following:
- member services that impact our products
- expected member outcomes and service standards
- brand and marketing efforts
- member outcomes against expenditure and
- the operation of the trustee's Insurance management framework and strategy.
Committee members: Jessica Munday (Chair), Tom Lynch, Rhonda O'Donnell, Susan Parr and Andrew Dettmer.
Our policies and disclosures
We’re bound by policies, codes, regulations and other compliance documents that make up the governance structure of Spirit Super.
Policies and disclosures
Actuarial report for the defined benefit funds
Directors' skills and experience matrix
Register of relevant duties and interests
Statement of governance practice
Annual reports and financial statements
Each year we provide detailed reports on member outcomes, investment performance and financial management.
Annual reports
Spirit Super Annual Report 2022-23
Spirit Super Annual Report 2021-22
Spirit Super Annual Report 2020-21
Note: MTAA Super became Spirit Super on 1 April 2021. Annual reports for the years before 2020-21 were prepared by the trustee for MTAA Super.
Historic annual reports – Tasplan
Note: Tasplan merged with MTAA Super to become Spirit Super on 1 April 2021.
Fund and trustee financial statements
Note: MTAA Super became Spirit Super on 1 April 2021. Financial statements for the years before 2020-21 were prepared by the trustee for MTAA Super.
|
Document name |
Financial year ended |
|---|---|
| 2023 fund financial statement | 30 June 2023 |
| 2023 trustee financial statement | 30 June 2023 |
| 2022 fund financial statement | 30 June 2022 |
| 2022 trustee financial statement | 30 June 2022 |
| 2021 fund financial statement | 30 June 2021 |
| 2021 trustee financial statement | 30 June 2021 |
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30 June 2020 |
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30 June 2020 |
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30 June 2019 |
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30 June 2019 |
Historic fund and trustee financial statements – Tasplan
Note: Tasplan merged with MTAA Super to become Spirit Super on 1 April 2021.
|
Document name |
Financial year ended |
|---|---|
| 2021 financial statements | 30 June 2021 |
| 2021 financial statements | 1 April 2021 |
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30 June 2020 |
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30 June 2019 |
Tax transparency report
We’ve signed up to the voluntary Tax Transparency Code, a set of principles and standards to guide businesses on how they publicly disclose tax information. To adhere to the Code, we’ll publish a Tax transparency report each year. The report is voluntary and provides information about our tax position, risks, and strategy. It’s part of our commitment to transparency in how we operate and manage our members’ money.
Read our Tax transparency reports below:
|
Financial year ended |
Report |
|---|---|
| 2023 | Tax transparency report |
| 2022 | Tax transparency report |
| 2021 | Tax transparency report |
| 2020 | Tax transparency report (MTAA Super) |
Significant event notices
We let members know about major changes by sending significant event notices (SENs). These notices are provided by email or post, depending on member communication preferences.
Note: MTAA Super became Spirit Super on 1 April 2021. Any SENs sent before this date were sent by MTAA Super to MTAA Super members.
|
Notice date |
Nature of event or change |
Impact of change |
|---|---|---|
| 30 August 2024 | Information for Spirit Super accumulation members about merger to become CareSuper. |
On 1 November 2024, Spirit Super will merge with CareSuper, and the merged fund will be called CareSuper. This notice provides information on changes that may apply to your membership from 1 November 2024 including:
While we complete the merger there will be a Limited Services Period where certain services and transactions may be temporarily unavailable. This notice also explains where to get information from, how to contact us and what to expect during the transition period. |
| 30 August 2024 | Information for Spirit Super pension members about merger to become CareSuper. |
On 1 November 2024, Spirit Super will merge with CareSuper, and the merged fund will be called CareSuper. This notice provides information on changes that may apply to your membership from 1 November 2024 including changes to fees, costs and services and changes to our investment options. While we complete the merger there will be a Limited Services Period where certain services and transactions may be temporarily unavailable. This notice also explains where to get information from, how to contact us and what to expect during the transition period. |
| 30 August 2024 | Information for Spirit Super transition to retirement (TTR) members about merger to become CareSuper. |
On 1 November 2024, Spirit Super will merge with CareSuper, and the merged fund will be called CareSuper. This notice provides information on changes that may apply to your membership from 1 November 2024 including changes to fees, costs and services and changes to our investment options. While we complete the merger there will be a Limited Services Period where certain services and transactions may be temporarily unavailable. This notice also explains where to get information from, how to contact us and what to expect during the transition period. |
| 30 August 2024 | Information for Spirit Super defined benefit members about merger to become CareSuper. |
On 1 November 2024, Spirit Super will merge with CareSuper, and the merged fund will be called CareSuper. This notice provides information on changes that may apply to your membership from 1 November 2024 including changes to fees, costs and services and changes to our investment options. While we complete the merger there will be a Limited Services Period where certain services and transactions may be temporarily unavailable. This notice also explains where to get information from, how to contact us and what to expect during the transition period. |
| 30 August 2023 | Changes to insurance fees - category A | This notice informs category A members of changes to the cost of insurance with Spirit Super, from 30 September 2023. |
| 30 August 2023 | Changes to insurance fees – category B | This notice informs category B members of changes to the cost of insurance with Spirit Super, from 30 September 2023. |
| April 2023 | Pension reporting of Spirit Super’s fees and costs |
We’ve become aware that some fees and costs weren’t included in some of our disclosure documents. This disclosure error is a technical breach of regulatory standards. This error affects:
It’s important to note that there’s no change to the administration fees and costs that we’ve deducted directly from your account. |
| April 2023 | Super reporting of Spirit Super’s fees and costs |
We’ve become aware that some fees and costs weren’t included in some of our disclosure documents. This disclosure error is a technical breach of regulatory standards. This error affects:
It’s important to note that there’s no change to the administration fees and costs that we’ve deducted directly from your account. |
| February 2022 | Amendments to Spirit Super’s Trust Deed |
On 20 December 2021, the Trustee of Spirit Super made changes to our Trust Deed to enable it to be paid a fee for its role in acting as trustee of Spirit Super. We can only use this fee to pay penalties and other trustee costs, such as director fees and insurance. The trustee fee will be taken from the fund’s general reserve and there’ll be no additional fee charged to your account. The fee is capped each financial year, and will no longer be charged once the Trustee's capital reserve reaches a set cap. The limit and cap will be reviewed every three years; and we may change how the trustee fee is charged in the future. If we do increase your fees, we’ll let you know before it happens. |
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February 2021 (MTAA) |
Information for MTAA Super accumulation members about merger with Tasplan to become Spirit Super |
On 1 April 2021, MTAA Super will merge with Tasplan to become Spirit Super. There will be a Limited Service Period while the merger is completed. This notice provides information on changes resulting from the merger including:
This notice explains where to get information from, how to contact us, and what to expect during the transition period. It provides supporting information for the Investment changes for accumulation members effective 1 April 2021 fact sheet and the Insurance changes for accumulation members effective 1 April 2021 fact sheet. |
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February 2021 (MTAA) |
Investment changes for accumulation members effective 1 April 2021 |
Provides the strategic asset allocation and investment objectives for Spirit Super investment options from 1 April 2021, the effective date of the merger with Tasplan. The changes are in response to both global economic and financial market developments and the positive impacts of the merger. A comparison is provided to the current allocations and objectives. To be read in conjunction with the Important information for MTAA Super pension members notice issued in February 2021, which explains the product investment changes. |
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February 2021 (MTAA) |
Insurance changes for accumulation members effective 1 April 2021 |
On 1 April 2021, MTAA Super will merge with Tasplan to become Spirit Super. This transition will mean significant changes to the cost, amount and type of cover you have, changes to definitions and eligibilities, as well as introducing occupation ratings. This notice provides detailed descriptions of the changes effective from 1 April 2021, how to make changes to cover during the transition, and how to contact MTAA Super for help. To be read in conjunction with the Important information for MTAA Super accumulation members notice issued in February 2021. |
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February 2021 (MTAA) |
Information for MTAA Super pension members about merger with Tasplan to become Spirit Super |
On 1 April 2021, MTAA Super will merge with Tasplan to become Spirit Super. There will be a Limited Service Period while the merger is completed. Your pension will continue to be paid during the transition. This notice covers:
This notice explains where to get information from, how to contact us, and what to expect during the transition period. You will receive detailed communication in late April 2021 once the merger is complete. Provides supporting information for the Investment changes for pension members effective 1 April 2021. |
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February 2021 (MTAA) |
Investment changes for pension members effective 1 April 2021 |
Provides the strategic asset allocation and investment objectives for Spirit Super investment options from 1 April 2021, the effective date of the merger with Tasplan. The changes are due to both global economic and financial market developments and the positive impacts of the merger. A comparison is provided to the current allocations and objectives. To be read in conjunction with the Important information for MTAA Super pension members notice issued in February 2021, which explains the product investment changes. |
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March 2021 (MTAA) |
Notification that low balance inactive accounts will be transferred to the ATO on 22 March 2021. This notification includes your options to reactivate or rollover to another fund. |
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September 2020 (MTAA) |
Notification that MTAA Annual Super Statements are available online, an update on the merger with Tasplan (including that a new member number will be issued), changes to indirect fees and costs effective 20 August 2020, and a summary of recent legislative changes. |
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August 2020 |
Notification that Annual Pension Statements are available online, an update on the merger with Tasplan (including that a new member number will be issued), changes to indirect fees and costs effective 20 August 2020, and a summary of recent legislative changes. |
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April 2020 |
Notification of the Government's changes to super as part of its economic response to the impacts of COVID-19. |
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April 2020 |
Notification of the Government's changes to super as part of its economic response to the impacts of COVID-19. |
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December 2019 |
Notification of revised insurance fees, default cover for new and low balance members, and rules about the recommencement of cover. |
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November 2019 |
Notification that members with an account balance less than $6,000 between 1 November 2019 and 31 March 2020 may lose their insurance on 1 April 2020. |
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November 2019 |
Notification that annual statements are available online, updated indirect cost ratios, strategic asset allocations and legislative changes. |
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September 2019 |
Notification that annual statements are available online, updated indirect cost ratios, strategic asset allocations and legislative changes. |
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April 2019 |
Notification that from 1 July 2019, all insurance on super accounts inactive for 16 months or more will be automatically cancelled. |
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April 2019 |
Notification that low balance inactive accounts will be transferred to AUSfund on 17 May 2019. |
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March 2019 |
Notification that the Government passed legislation known as 'Protecting Your Super' which has several changes that may affect insurance cover and super fees. |
Historic Tasplan SENs
Note: Tasplan merged with MTAA Super to become Spirit Super on 1 April 2021. Any SENs sent before this date were sent by Tasplan to Tasplan members.
|
Notice date |
Nature of event or change |
Impact of change |
|---|---|---|
|
15 February 2021 - super members |
On 1 April 2021, Tasplan and MTAA Super will merge to become Spirit Super. Members accounts will be transferred under a successor fund transfer. This notice provides important information about the transfer process, service availability and transaction processing and account changes. |
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15 February 2021 - pension members |
On 1 April 2021, Tasplan and MTAA Super will merge to become Spirit Super. Members accounts will be transferred under a successor fund transfer. This notice provides important information about the transfer process, service availability and transaction processing and any changes to your account. |
|
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15 February 2021 - defined benefit members |
On 1 April 2021, Tasplan and MTAA Super will merge to become Spirit Super. Members accounts will be transferred under a successor fund transfer. This notice provides important information about the transfer process, service availability and transaction processing and account changes. |
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13 November 2020 |
This notice informs category A members of changes to our insurance product, including changes to the cost and amounts of some types of cover, as well as changes to some product features, from 8 January 2021. |
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13 November 2020 |
This notice informs category B members of changes to our insurance product, including changes to the cost and amounts of some types of cover, as well as changes to some product features, from 8 January 2021. |
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17 August 2020 |
This notice informs category A members of changes to the cost of insurance with Tasplan, from 30 September 2020. | |
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17 August 2020 |
This notice informs category B members of changes to the cost of insurance with Tasplan, from 30 September 2020. |
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17 August 2020 |
This notice is to inform Tasplan OnTrack® – Maintain stage members of changes to the asset allocation applying from 30 September 2020. |
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17 May 2019 |
Insurance changes - Tasplan Protect 1 to default A insurance |
From 1 July 2019, our insurance product and provider are changing. This notice provides information about the new insurance arrangements and the cost of cover. |
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17 May 2019 |
Insurance changes - Tasplan Protect 1 to default B insurance |
From 1 July 2019, our insurance product and provider are changing. This notice provides information about the new insurance arrangements and the cost of cover. |
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17 May 2019 |
Insurance changes - Tasplan Protect 2 to default B insurance |
From 1 July 2019, our insurance product and provider are changing. This notice provides information about the new insurance arrangements and the cost of cover. |
Historical Target Market Determinations
For the current TMDs please visit our forms and resources section.
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