Super funds MTAA Super and Tasplan officially merged today to become Australia’s newest Industry Super Fund — Spirit Super.
Spirit Super has over 326,000 members across Australia and more than $23 billion funds under management.
The merger follows a successful year for MTAA Super and Tasplan, with both funds receiving Platinum ratings by SuperRatings and being named ‘Best Value for Money’ funds for 2020.
Inaugural Spirit Super CEO Leeanne Turner said members would benefit from the merger immediately through a drop in administration fees.
“The purpose of the merger is to provide better service, products and value to members, now and well into the future. I am proud to say we’re off to a good start,” said Ms Turner.
“From 1 April 2021, our flat-rate admin fee will decrease from $1.50 per week to $1.30 per week, and our total admin fee cap will reduce from $528 per year to $517.60 per year. That’s real savings for all our members from the get-go.”
Ms Turner said the focus is to continue to offer excellent products and service to members whilst we consolidate our systems over the next few months.
“We’re currently in a transition period as we move to a single administration system,” Ms Turner said. “For members, this will mean some transactions will be limited or delayed for the next month. That said, our call centres are always on hand to help members with any queries they may have.”
Members can contact Spirit Super on 1800 005 166 during business hours throughout the limited-service period.
Spirit Super Chair Naomi Edwards thanked both MTAA Super and Tasplan staff for ensuring a smooth transition in what has been a challenging year for many businesses.
“Merging during a pandemic certainly added some complexity, but I have been blown away by the dedication and professionalism of both organisations. MTAA Super and Tasplan have always been committed to providing members with great service, low fees, and strong returns. As Spirit Super, we can take that commitment to a whole new level while still maintaining a personal touch,” Ms Edwards said.