A message from our CEO - December 2022
In my final update for 2022, I’d like to recognise our strength as a community and the resilience shown by many of our members in what has been another year characterised by uncertainty.
I’m proud that even in challenging times, we’ve continued to deliver strong long-term investment returns and listened to the needs of our members, ensuring that they are, without a doubt, our number one priority.
You can learn more about how we’ve continued to put our members first by reading our Annual Report 2022 or watching our Annual Member Meeting 2021/22.
INDUSTRY RECOGNITION
We’re incredibly proud to be the recipient of the SuperRatings MySuper of the Year and the Smooth Ride Awards 2023.
SuperRatings has recognised our Balanced (MySuper) option as the top value-for-money default super investment option (the option your super is invested in if you haven’t made a choice and where most of our members have their super invested), as well as for protecting our members’ super over the long term.
These awards reaffirm that we’re consistently doing right for our members, with superior long-term investment performance, low fees and award-winning products and services.
They also recognise our long-term outperformance, including during uncertain markets, and the value of our active investment strategy – an approach that differs to the passive investment strategy that many funds use. We believe that an active management approach delivers the best long-term returns, and we seek the best opportunities in Australia and around the world to help maximise returns over the long term. Rather than investing via a passive approach and simply replicating an index (like the ASX300), we take care to select what we do and don’t invest in. This has resulted in us delivering a consistently strong net benefit for our members – that being low fees + smart, proactive investing = a bigger net benefit for you.
You can read more about these awards in this article.
OUR STRATEGY
This year we updated our strategic plan to 2027, to reflect the everchanging superannuation landscape. In line with our strategic plan, we’ve entered into a preliminary non-binding Memorandum of Understanding to explore a possible merger with Spirit Super, another well-regarded Industry SuperFund.
CareSuper and Spirit Super share a common vision to create a mid-size fund that can compete with the mega funds while continuing to serve members differently.
CareSuper and Spirit Super are now undertaking extensive due diligence, before any decision is made, to ensure a merger is in the best financial interests for members of both funds. You’ll be informed of the outcome of this due diligence process in 2023.
In the meantime, both funds will continue to operate independently, each focused on continuing to deliver positive outcomes for members.
LOOKING FORWARD
We care about the things you care about, today and tomorrow. Our continued focus is on enabling you to achieve greater financial security and the best outcomes for your future. Thank you for continuing to trust us to manage your super.
The super industry continues to evolve to meet regulatory requirements, increased competition, and broader community expectations. I’m confident we have the breadth of knowledge and expertise at CareSuper to care for our members’ super savings, manage risk and promote members’ best interests. Having had the privilege of leading CareSuper and working to help members achieve better financial security for over 20 years, I have announced my retirement as CEO. I’m proud of the growth of the fund over those two decades and of CareSuper’s reputation as a leading player in the superannuation sector.
I’m pleased to share that the Chair of CareSuper, Linda Scott, recently announced the appointment of experienced super fund executive Michael Dundon as the new CEO of CareSuper. I will remain CEO until Michael joins the Fund in late March 2023. You can read more about Michael’s appointment here.