PDS updates
Here's what's changed from 1 July 2025
The information in our PDS can be subject to change.
We’ve summarised changes that are not materially adverse here, effective 1 July 2025.
Updates to super rates and thresholds
- Super Guarantee (SG) minimum contribution rate increased from 11.5% to 12%.
- The maximum contribution base that limits the amount of SG employers need to pay reduced from $65,070 to $62,500.
- The general transfer balance cap increased from $1.9 million to $2 million. This limits the amount of super that can be transferred into tax-free retirement income streams (like our Flexible Income and Managed Income accounts).
- The co-contribution income thresholds have been indexed. The lower income threshold has increased to $47,488 (from $45,400) with the eligibility for a co-contribution now ceasing when your total income reaches $62,488 (from $60,400).
- Your eligibility to make after-tax contributions, or receive a co-contribution or a tax offset for a spouse contribution is impacted by your total super balance across all super funds you hold (other eligibility criteria apply). This limit has increased from $1.9 million to $2 million.
- The capital gains tax cap amount increased from $1,780,000 to $1,865,000.
- The defined benefit income cap increased from $118,750 to $125,000.
Updates to insurance
Default Income Protection cover is automatically provided to members who are employed by an eligible category B employer when they meet the eligibility criteria, as outlined in our Insurance guide.
The amount of default Income Protection cover you receive is determined by the SG contributions received into your CareSuper account, your age and the ‘relevant SG rate’.
The relevant SG rate has updated as follows:
| Period cover starts or is reviewed | Relevant SG rate |
| 1 July 2025 to 31 July 2025 | 11.375% |
| 1 August 2025 to 31 October 2025 | 11.5% |
| 1 November 2025 to 31 January 2026 | 11.625% |
| 1 February 2026 to 30 April 2026 | 11.75% |
| 1 May 2026 to 30 June 2026 | 11.875% |
Updates to the Direct Investment option
Our Direct Investment option (DIO) enables eligible members to invest part of their super in a range of approved listed securities and term deposits. Members invested in the DIO can’t invest more than 75% of their total account balance in listed securities. This threshold has increased to 85%.
Updates to fees and costs
We’ve updated some of our fees and costs to reflect information available to us at 1 July 2025 about our experience for the financial year ending 30 June 2025. The actual percentage(s) for the 2024-25 financial year won’t be known until late September 2025 and will be updated on our website when available and in the relevant PDS at 1 October 2025.
We may deduct extra funds from our reserves to cover administration expenses beyond what’s already deducted from member accounts. Importantly, this isn’t deducted from your account. In 2024-25 we deducted approximately 0.08% of net assets per member from general reserves, compared to 0.11% of net assets in 2023-24.
Super accounts
The investment fees in the table below are a re-statement of the forecast investment fees under the heading “Estimated fees and costs following CareSuper and Spirit Super merger” contained within our Fees and costs guide dated 26 April 2025 (which forms part of the Member PDS for CareSuper dated 1 November 2024). Due to the combining of the former CARE Super and Spirit Super's assets as part of the merger on 1 November 2024, the actual fees and costs for the financial year ending 2025 will be updated in our PDSs on 1 October 2025. The percentage will vary from year to year.
| Investment option | Estimated investment fees and costs1 (% of assets each year) |
Estimated transaction costs (% of assets each year) |
|---|---|---|
| Pre-mixed options | ||
| Balanced | 0.56% | 0.06% |
| Growth | 0.55% | 0.07% |
| Alternative Growth2 | 0.57% | 0.06% |
| Sustainable Balanced | 0.56% | 0.06% |
| Conservative Balanced | 0.45% | 0.05% |
| Capital Stable | 0.39% | 0.04% |
| Asset class options | ||
| Overseas Shares | 0.36% | 0.05% |
| Australian Shares | 0.34% | 0.10% |
| Property2 | 0.48% | 0.10% |
| Fixed Interest | 0.21% | 0.01% |
| Cash | 0.04% | 0% |
Retirement income products
The investment fees in the table below are a re-statement of the forecast investment fees under the heading “Estimated fees and costs following CareSuper and Spirit Super merger” contained within our Retirement Income PDS dated 26 April 2025 and our Transition to Retirement PDS dated 1 November 2024. Due to the combining of the former CARE Super and Spirit Super's assets as part of the merger on 1 November 2024, the actual fees and costs for the financial year ending 2025 will be updated in our PDSs on 1 October 2025. The percentage will vary from year to year.
| Investment option | Retirement Income | Transition to Retirement Income | ||
| Estimated investment fees and costs1 (% of assets each year) | Estimated transaction costs (% of assets each year) | Estimated investment fees and costs1 (% of assets each year) | Estimated transaction costs (% of assets each year) | |
| Pre-mixed options | ||||
| Balanced | 0.57% | 0.06% | 0.56% | 0.06% |
| Growth | 0.58% | 0.07% | 0.55% | 0.07% |
| Alternative Growth2 | 0.58% | 0.06% | 0.57% | 0.06% |
| Sustainable Balanced | 0.57% | 0.06% | 0.56% | 0.06% |
| Conservative Balanced | 0.46% | 0.05% | 0.45% | 0.05% |
| Capital Stable | 0.40% | 0.04% | 0.39% | 0.04% |
| Asset class options | ||||
| Overseas Shares | 0.36% | 0.05% | 0.36% | 0.05% |
| Australian Shares | 0.34% | 0.10% | 0.34% | 0.10% |
| Property2 | 0.48% | 0.10% | 0.48% | 0.10% |
| Fixed Interest | 0.21% | 0.01% | 0.21% | 0.01% |
| Cash | 0.04% | 0.00% | 0.04% | 0.00% |
| Long-term (Managed Income only) | 0.49% | 0.05% | N/A | N/A |
1. Investment fees and costs include an estimated amount of 0.00% - 0.14% for performance-related fees, depending on the investment option. The calculation basis for these amounts of performance fees is set out in the relevant PDS.
2. Alternative Growth and Property options were new options as at 1 November 2024. The investment fees and costs and transaction costs are our reasonable estimate of the investment fees and transaction costs for the financial year ending 30 June 2025, based on information available to us at the date of preparation of the relevant PDS. The percentage will vary from year to year.