Industry super funds CareSuper and Spirit Super will merge in late 2024, creating a combined fund with more than 500,000 members and almost $50 billion in Funds Under Management.

In a joint statement, both funds said until the merger takes place nothing will change in the interim for members. Each individual will remain members of either CareSuper or Spirit Super with administration, investments and customer service managed by their respective fund. Likewise, staff at each fund continue to work to support their members.

The two funds begun exploring the possibility of merging in November last year.

CareSuper was established in 1986 and has around 220,000 members and $20 billion in FUM.

Spirit Super was established in 2021 through the merger of Tasplan and the Motor Trades Association of Australia Superannuation Fund. The fund has over 325,000 members and $25 billion in FUM.