Following an extensive due diligence process, Spirit Super and Care Super have entered into a binding agreement to merge.
Expected to be completed in late 2024, the merger would result in a $50 billion combined fund with over 500,000 members.
The combined entity would be chaired by Linda Scott, the current chair of CareSuper, while Jason Murray, current chief executive of Spirit Super, would become the CEO of the combined fund.
In a joint statement, CareSuper’s 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 for our members.
“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.”
Bringing together a leader from each of the funds reflected “the close collaboration to date and the shared vision of the funds’ leadership”, they added.
“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 for our members, cementing the vision both funds have of being a sustainable, mid-sized fund and leaders in member experience and driving strong retirement outcomes.”
In November 2022, the super funds had announced they were exploring a potential merger and entered into a memorandum of understanding.
Until the merger took place in late 2024, the funds said nothing would change for its members.
They would remain members of either CareSuper or Spirit Super with administration, investments and customer service managed by their respective fund, while staff at each fund would continue to work to support their members.
Previously, Spirit Super was established in 2021 through the merger of Tasplan and the Motor Trades Association of Australia Superannuation Fund.
