Opening up early access to super for housing would have a negative effect on the balances of even those members that don’t dig into their savings, with funds forced to adopt more conservative investment strategies and hold more liquid assets.
The circa $88 billion industry fund for workers in health and community services reckons that alleviating the affordable housing crisis will boost its other investments by easing the cost of living and inflation.
Care/Spirit tie-up enters home stretch
The merger between Care Super and Spirit Super will take effect on November 1, creating a new fund with half a million members and $52 billion of FUM.
But while the process has seen plenty of change, with an executive reshuffle and the appointment of custodian J.P. Morgan, some things will stay the same: namely Care Super’s brand, which has been retained for the merged fund.
“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,” said Linda Scott, current CareSuper chair and the appointed chair of the merged fund.
“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 amongst its membership.”
The Spirit Super brand only came into existence in the merger between Tasplan and MTAA in 2021. Spirit Super is headed up by Jason Murray, who will also be chief executive of the merged fund.
“I’m proud to have been chosen to lead a combined fund which will have a laser focus on our members and delivering them great value and excellent customer service,” Murray said.
The new executive team for the merged fund will include Will Sadler as chief risk officer; Sam Horskins as CFO; Ningning Lyons as chief strategy officer; Suzanne Branton, CIO; Kathleen Crawford, chief operating officer; Robyn Judd, chief people officer; l Jean-Luc Ambrosi, chief member office; and Simon Reiter, CTO.
“CareSuper and Spirit Super are profit-to-member industry funds with a deep commitment to helping our members save for their retirement,” Scott said. “Our intention to merge the two funds aims to deliver even better benefits for our members that can be achieved by scale. The existing Spirit Super and CareSuper teams have much to be proud of in getting their respective funds to this point.”
