Superannuation funds MTAA Super and Tasplan have announced they will be known as Spirit Super after completion of their merger on 1 April 2021.
MTAA Super CEO Leeanne Turner said the new name represents the fund’s drive to be a national super fund that offers superior service, value and member focus.
“What I love about Spirit Super is it captures the energy of what we’re about,” Turner said. “It’s fresh and optimistic and innovative – everything we want to be.
“The new name also speaks to the past achievements of our funds. MTAA Super and Tasplan are both outstanding funds and take great pride in providing historically strong long-term returns, excellent value and service to our members. As Spirit Super, we will have greater capacity to continue improving our products and service, and to really embrace a member-first approach to everything we do.
“With MTAA Super’s strong long-term performance history and Tasplan’s superior customer satisfaction rating and award-winning digital services, we are bringing the best of both worlds to Spirit Super,” added Turner.
Tasplan Chair Naomi Edwards said the new fund name was an important merger milestone.
“Our name is our future, so it was important we embraced something our members could be proud of and inspired by,” said Edwards. “I think Spirit Super nails it. Importantly, our name will also set us apart in the market. This will help us grow, compete and continue pursuing opportunities in the best interests of our members.”
MTAA Super and Tasplan say Spirit Super will have approximately $23 billion of funds under management and around 326,000 members across Australia.
According to Turner, the merger was not about a big fund absorbing a smaller fund, but rather two successful funds coming together to deliver better results. “It’s a true partnership that will provide a better super experience and outcomes to members across the nation,” she added.
The organisations say the merger follows a successful year for MTAA Super and Tasplan, with both funds receiving Platinum ratings by SuperRatings and named ‘Best Value for Money’ funds for 2020.
Turner also announced a reduction in administration fees for Spirit Super members.
“The details are being worked through, but there will be a drop in administration fees when Spirit Super kicks off. So right off the bat, members will start seeing the benefits of the merger,” said Turner.