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CareSuper, Spirit Super combine to create $53bn fund
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
CareSuper and Spirit Super finalised their merger on Friday, with the new $53 billion entity operating under the banner of CareSuper.
The funds first announced they were exploring a potential merger in November 2022 and subsequently entered into a memorandum of understanding.
Following an extensive due diligence process, Spirit Super and CareSuper entered into a binding agreement to merge in June 2023 and earlier this year confirmed that the deal would be completed at the beginning of November.
Former Spirit Super CEO Jason Murray will now be at the helm of the new fund, while CareSuper chair Linda Scott will remain chair of the new entity.
On Friday, Murray said that the completed merger marks an important step in CareSuper’s pursuit of delivering “exceptional care and connection” to its member base, which now stands at some 550,000.
“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,” Murray said.
“We are proud to serve members from a diverse range of industries and geographies. We pride ourselves on knowing our members’ needs and supporting them with personalised care, excellent service, and an award-winning member experience. This will always be our focus and is vital in helping our members grow their superannuation to retire with confidence.”
Moreover, Scott commended the departing directors from the boards of Spirit Super and CareSuper.
“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,” Scott said.
According to the chair, departing from CareSuper are Robert Potter, Vanessa Seagrove, Merran Kelsall, and Katherine Sampson.
“From Spirit Super Rhonda O’Donnell, Susan Parr and Anne O’Donnell are leaving the fund. On behalf of CareSuper, these directors go with our enormous thanks and best wishes for the future,” she said.
Earlier this year, Scott explained the rationale for maintaining the CareSuper title after the merger.
“While this is a true merger of equals, both funds decided it was in the best interests of members to call the fund CareSuper to take advantage of strong recognition for the name, which has been in the market since 1986,” she said in July.
“Elements of the Spirit Super brand identity will be retained to highlight our shared national heritage and member focus, including Spirit Super’s distinctive logo which enjoys strong and positive recognition among its membership.”
AUTHOR
Jessica Penny
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