Governance and reporting
As you'd expect, we take managing your super very seriously
We’re open and transparent about how we operate, with rigorous standards, policies and procedures to make sure everything is managed according to the law. CareSuper is a public offer super fund established by a Trust Deed which sets out the structure of the fund, rules of its operation, and the powers and duties of CareSuper.
CareSuper is a resident regulated super fund under the Superannuation Industry (Supervision) Act 1993. Our activities are regulated by the Australian Prudential Regulation Authority (APRA), Australian Securities and Investment Commission (ASIC), Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Tax Office (ATO).
How we operate
Our Trustee
The trustee of CareSuper (ABN 74 559 365 913) is CareSuper Pty Ltd (ABN 14 008 650 628, AFSL 238 718).
The rules about the internal management of the trustee (including for example, how directors are appointed) are set out in the Trustee Constitution.
License Information
The trustee of CareSuper (ABN 74 559 365 913) is CareSuper Pty Ltd (ABN 14 008 650 628, AFSL 238718).
CareSuper is registered by APRA as a registrable superannuation entity (R1004373).
The trustee also holds an Australian Financial Services Licence (AFSL 238718) issued by ASIC on 31 January 2004. The licence authorises the trustee to provide a super trustee service and to deal in and provide financial advice about super products.
Managing conflicts of interest
The Conflicts management framework enables the trustee of CareSuper to appropriately manage relevant conflicts of interest and duties that may arise.
The Conflicts management framework operates to protect the integrity and quality of decision-making by responsible persons associated with CareSuper, by ensuring they’re not compromised by actual or potential conflicts. responsible persons include all Directors, the CEO, members of the Executive Team and the external auditor.
A relevant interest or duty is one that might reasonably be considered to have the potential to have a significant impact on the capacity of the holder to act in a manner that's consistent with the best interests of CareSupers beneficiaries.
The Conflicts management framework requires that all responsible persons disclose any potential or actual conflicts of interests or duties. All responsible persons have an obligation under the Conflicts management framework to notify the trustee of potential conflicts as they arise and annually. Any disclosures made are assessed by the Conflicts Officer and if necessary, appropriate conflict management measures are put in place – this will normally involve disclosure, control or avoidance of the relevant conflict. The trustee Board must also evaluate and approve the effectiveness of the conflict management processes under the Conflicts management framework. The conflicts management process is required to be monitored and is subject to review (internally and independently).
Consistent with increased transparency requirements, the Conflicts Officer is also required to record all relevant conflicts in the relevant register.
View the Register of Relevant Interests and Duties.
Annual trustee determination and member outcomes assessment
Each year the trustee is required to determine whether the financial interests of members are being promoted by the trustee having regard to a comparison with other similar products and specified benchmarks and factors. The annual determination, and a summary of the assessments and comparisons on which the determination is based is available here.
Insurance in Superannuation Voluntary Code of Practice
CareSuper previously stated its intent to adopt the Insurance in Superannuation Voluntary Code of Practice (the Code). The Code was scheduled to come into effect on 1 January 2022.Since the development of the Code, the majority of the requirements have been overtaken by legislative and regulatory reforms. In addition, many of the elements of the Code have already been implemented by CareSuper to improve member benefits and experience.
The Code Owners announced on 30 June 2021 that the Code has been replaced with guidance on issues not covered by legislation. This guidance aims to improve outcomes for vulnerable members and claims handling for members with insurance in their super accounts.
The guidance has been developed by the Code Owners and CareSuper will consider it in our interactions with members.
Note: The Code Owners are The Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).
How our Board members are appointed
There are rules about how our Board members are nominated, appointed and removed. The process varies depending on the type of Director role on the Board.
Find out how the process works for board appointments.
Remuneration of our Directors and Executive Officers
Our remuneration structure is designed to attract and retain the experts we need to get the best outcomes for our members.
View the most recent remuneration information for our Directors and Executive Officers: Spirit Super audited financial report 2023-24
Board Committees
The trustee Board has established committees to oversee certain business areas within Spirit Super. These committees are made up of Board members and regularly report to the Board.
Committee | Members |
---|---|
Governance, Remuneration and Culture Committee |
Jeremy Johnson (Chair) Linda Scott Tom Lynch Rebecca Girard |
Risk and Compliance Committee |
Nola Watson (Chair) Jeremy Johnson Andrew Dettmer Jessica Munday Maria Wilton Michael Drew |
Finance and Audit Committee |
Andrew Dettmer John Mazengarb Nola Watson Tom Lynch |
Investment Committee |
Michael Drew (Chair) Geoffrey Lowe Maria Wilton Peter Savige Rebecca Girard Anthony Cavanagh |
Technology Committee |
Anthony Cavanagh (Chair) Geoffrey Lowe John Mazengarb Maria Wilton |
Member, Employer Services, Retirement, Insurance Committee |
Jessica Munday (Chair) Geoffrey Lowe Peter Savige Tom Lynch Rebecca Girard |
Benefit Payment Claims Sub-Committee |
Geoffrey Lowe Jessica Munday Peter Savige Tom Lynch Rebecca Girard |
Board meeting and committee attendance
Significant event notices
Notice of date | Nature of event or change |
---|---|
30 August 2024 | Information for accumulation members about merger to become CareSuper. |
30 August 2024 | Information for pension members about merger to become CareSuper. |
30 August 2024 | Information for transition to retirement (TTR) members about merger to become CareSuper. |
30 August 2024 | Information for defined benefit members about merger to become CareSuper. |
Spirit Super historic documentation
Annual reports
On 1 April 2021, MTAA Super and Tasplan Super merged to become Spirit Super. For annual reports and financial statement before 2021, call us on 1800 005 166.
Financial statements
On 1 April 2021, MTAA Super and Tasplan Super merged to become Spirit Super. For annual reports and financial statement before 2021, call us on 1800 005 166.
Significant event notices
- 30 August 2023 - Changes to insurance fees - category A
- 30 August 2023 - Changes to insurance fees - category B
- April 2023 - Pension reporting of Spirit Super's fees and costs
- April 2023 - Super reporting of Spirit Super's fees and costs
Previous member outcomes assessment 2022/23
- MySuper product — for Spirit Super default super product
- Choice products — for Spirit Super super products that aren’t a MySuper product
- Retirement products — for Spirit Super pension products.
Defined benefit funds
Former CareSuper historic documentation
Annual reports
Financial statements
Significant event notices
- August 2024 - Super our merger with Spirit Super
- August 2024 - Pension our merger with Spirit Super
- August 2024 - Transition to retirement (TTR) pension our merger with Spirit Super
- Summary of significant event notices in the past two years as at September 2024
Previous member outcomes assessment 2022/23
Other policies and disclosures
Service providers
Service Providers | |
---|---|
Actuary | Deloitte Consulting Pty Ltd (ABN 86 611 750 648) |
External Auditor | Ernst & Young (ABN 75 288 172 749) |
Cloud service provider | VMware Australia Pty Ltd (ABN 77 122 677 089) |
Gateway and clearing house | Westpac Banking Corporation (ABN 33 007 457 141) |
Group life insurer | MetLife Insurance Limited (ABN 75 004 274 882) |
Internal auditor | Deloitte Touche Tohmatsu (ABN 74 490 121 060) |
Investment adviser | JANA Investment Advisers Pty Ltd (ABN 97 006 717 568) |
Material Outsourced Investment Managers |
Alphinity Investment Management Pty Ltd (ABN 12 140 833 709) |
Direct Investment option | OneVue Wealth Services Limited (ABN 70 120 380 627) |
Master custodian | JPMORGAN Chase Bank, National association, Sydney Branch (ABN 43 074 112 011) ("J.P. Morgan") |