CareSuper, Spirit Super complete merger

Industry super funds CareSuper and Spirit Super have today announced they have completed their merger.

The pair entered into a binding agreement in June 2023 to merge.

Assuming the ‘CareSuper’ name, the newly merged entity now stands as the 14th largest super fund in Australia, boasting a membership of more than 550,000 and a combined $53 billion in funds under management.

Spirit Super in its 2022-23 annual report reported assets of $27 billion and a membership of 350,0000; Care Super, meanwhile, reported $23 billion in FUM and 226,000 members.

Spirit, formed in 1989, has its roots in motor trades and allied industries, while Care, formed three years earlier, was the super fund of choice for the clerical and administrative services sectors.

As previously announced, former Spirit Super chief executive Jason Murray will assume the CEO role of the newly merged entity, while CareSuper chair Linda Scott will continue as chair.

As part of the merger, CareSuper directors Robert Potter, Vanessa Seagrove, Merran Kelsall and Kathie Sampson will depart from the fund, while Spirit Super loses Rhonda O’Donnell, Susan Parr and Anne O’Donnell from its board.

Welcoming the completion of the merger, Murray declared the day “an important forward step towards that vision for the 550,000 members we’re privileged to serve”.

“While the executives and staff at Spirit Super and CareSuper have much to be proud of, our primary focus throughout the merger has been securing the chance to deliver better value to our members.”

He added: “We pride ourselves on knowing our members’ needs and supporting them with personalised care, excellent service, and an award-winning member experience.”

Scott, who has served as chair of CareSuper since April 2022, paid tribute to departing directors.

“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.”

Care Super reports that members may face temporary service interruptions, including to Member Online services, until 21 November 2024 as systems are migrated.