CARE Super is an Australian industry superannuation fund, focussing on superannuation for people engaged in professional, managerial, administration and service occupations. Established in 1986, CareSuper now services over 245,000 members Australia-wide and has over $15 billion in funds under management.
As an industry super fund, CareSuper is run only to profit members. Unlike many insurance company and bank owned super funds, industry funds are not in business to make a profit for shareholders.
History
Formerly the ‘Clerical, Administrative and Related Employees Superannuation Plan’, CareSuper was established in 1986 as one of the early industry superannuation funds in Australia to meet award super requirements. In the new year of 1987, companies were invited to participate in CareSuper, the first to join was Siemens Limited. In 1999, CareSuper became a public offer fund, enabling non employer-sponsored individuals to join the CareSuper Personal Plan. In July 2007, CareSuper introduced a Pension product, allowing members to stay with the fund as they move towards or commence retirement.
Driven by the joint vision to “deliver favourable outcomes for members and long-term sustainability through maximising economics of scale”, it was announced in September 2011 that the then $4.9 billion fund CareSuper and $1.6 billion fund Asset Super were in talks to conduct a merger of the two funds. The merger was completed on 27 October 2012, with 4 Trustee Directors from Asset joining the existing 9 Trustee Directors on the Board of CareSuper.
Fund administration
CareSuper is administered by Australian Administration Services, one of Australia's largest superannuation and pension administration specialists based in Rhodes, New South Wales. AAS provides CareSuper with transaction processing services, insurance claims management and contact centre services. AAS was acquired by Link Market Services in 2006, a leading provider of share registry, marketing and other support services for the financial community.
Super tools
CareSuper provides a range of super tools on its website. These include a 'spare change' tool, retirement income calculator, insurance calculator and consolidation tool.
