CARE Super (stylised CareSuper) is an Australian
industry superannuation
An industry superannuation fund (or, simply, 'industry fund') is an Australian superannuation fund originally established to provide for the retirement of workers from a specific industry. While industry funds are no longer tied to specific in ...
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 $19.7 billion in funds under management.
Industry superannuation fund
As an industry super fund, CareSuper is run only to profit members. Unlike many
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
company and
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
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
An award, sometimes called a distinction, is something given to a recipient as a token of recognition of excellence in a certain field. When the token is a medal, ribbon or other item designed for wearing, it is known as a decoration.
An awar ...
super requirements.
In the new year of 1987, companies were invited to participate in CareSuper, the first to join was
Siemens
Siemens AG ( ) is a German multinational conglomerate corporation and the largest industrial manufacturing company in Europe headquartered in Munich with branch offices abroad.
The principal divisions of the corporation are ''Industry'', '' ...
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.
Brand ambassador
In 2011, retired Australian swimmer
Giaan Rooney
Giaan Leigh Rooney, OAM (born 15 November 1982) is an Australian former competitive swimmer and television personality. As a member of the Australian team in women's 4×100-metre medley relay, she won an Olympic gold medal and broke a world ...
became the face of CareSuper. As CareSuper's brand ambassador, she regularly features in CareSuper's television advertisements and events.
Merger with Asset Super
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.
References
{{reflist
Superannuation funds in Australia
Australian companies established in 1986