Sarah Mitchell
Catholic Super, a not-for-profit super fund with over 50 years of history, is a public offer, profit-to-member industry fund. In 2019, Catholic Super merged with Equip Super, and as of September 30, 2023, the combined entity had over 68,000 members and $15.9 billion in assets under management. Notably, Catholic Super passed the 2022 Performance Test of the Australian Prudential Regulation Authority (APRA), indicating its financial stability and performance.
| Characteristics | Values |
|---|---|
| Type of fund | Public offer, profit-to-member industry fund |
| Membership | All are welcome to join |
| Products | Both accumulation and pension products |
| Performance | Passed the 2022 Performance Test of the Australian Prudential Regulation Authority (APRA) |
| Merger | Merged with Equip Super in 2019 |
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What You'll Learn
Catholic Super is a not-for-profit fund
Catholic Super is a not-for-profit industry fund that was founded over 50 years ago. The fund is open to everyone, regardless of their religious beliefs. In 2019, Catholic Super merged with Equip Super, and as of 30 September 2023, the combined entity had over 68,000 members and managed assets worth more than $15.9 billion.
Catholic Super offers both accumulation and pension products to its members. The fund has a strong focus on protecting member accounts and has implemented a range of security measures, including strict data handling protocols. In addition, Catholic Super prioritises making a difference for its members, especially during times of market uncertainty, higher interest rates, and rising living costs.
The fund has demonstrated its financial stability by passing the 2022 Performance Test of the Australian Prudential Regulation Authority (APRA). This achievement provides assurance to its members that their retirement savings are in safe hands.
As a not-for-profit fund, Catholic Super's profits are returned to its members in the form of competitive returns, enhanced services, and lower fees. This structure aligns with the fund's purpose of working hard for its members and helping them build a secure financial future.
Catholic Super's MySuper investment option has consistently outperformed the median over 1, 3, and 5-year periods, reinforcing its commitment to delivering strong investment returns for its members. Overall, Catholic Super's not-for-profit nature translates into tangible benefits for its members, contributing to their financial well-being in the long run.
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It has passed the Australian Prudential Regulation Authority (APRA) test
Catholic Super is a not-for-profit super fund that was founded over 50 years ago. In 2019, Catholic Super merged with Equip Super and became one of its divisions. As of 30 September 2023, the combined entity had over 68,000 members with over $15.9 billion in assets under management.
Catholic Super is a public offer, profit-to-member industry fund, meaning that all are welcome to join. The fund offers both accumulation and pension products for its members. To nominate Catholic Super as your superannuation fund, you will need to provide your employer with Equipsuper's Australian Business Number (ABN 33 813 823 017). Additionally, you will require a Letter of Compliance for Choice of Fund from the Trustee of Catholic Super, confirming that the fund complies with superannuation regulations and can accept employer superannuation contributions.
In 2022, Catholic Super successfully passed the Performance Test of the Australian Prudential Regulation Authority (APRA). This achievement demonstrates the fund's commitment to safeguarding its members' interests, particularly amidst market uncertainties, higher interest rates, and a rising cost of living. The APRA test assesses the performance of superannuation funds, and Catholic Super's success in this evaluation provides assurance to its members about the fund's viability and sustainability.
Passing the APRA test is a significant milestone for Catholic Super, indicating its ability to navigate challenging market conditions and deliver returns for its members. It reinforces the fund's commitment to keeping members' accounts safe and secure, implementing strict data handling protocols, and prioritising members' financial wellbeing. This achievement also highlights Catholic Super's resilience and ability to adapt to market dynamics, positioning it as a reliable and trusted option for individuals seeking superannuation funds.
The passing of the APRA test by Catholic Super is a testament to the fund's financial stability and performance. It provides confidence to current and prospective members that their investments are in safe hands. As a result, members can rest assured that their retirement savings are being managed effectively, and they can expect continued support and security from the fund.
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Australian Catholic Superannuation merged with UniSuper
Australian Catholic Superannuation has merged with UniSuper after the $11 billion fund failed the prudential regulator's new superannuation performance test. The merger was finalised in December 2022, with UniSuper confirming in May that it would proceed after an extensive due diligence process and independent review.
The two super funds originally signed a memorandum of understanding in December 2021 to formally explore a potential merger. With the merger now complete, UniSuper has welcomed over 80,000 former Australian Catholic Superannuation members and more than $10 billion in funds under management (FUM). The total FUM for UniSuper is now approximately $115 billion on behalf of 620,000 members.
UniSuper CEO Peter Chun said, "We're really pleased to welcome members formerly from [Australian Catholic Superannuation] to UniSuper. With all members set to benefit from increased scale, we are looking forward to this new chapter in UniSuper's history."
ACS CEO Greg Cantor also commented on the merger, stating that the cultural alignment between the two funds and UniSuper's commitment to working closely with ACS members and employers in Catholic agencies and schools contributed to the decision to merge. He added that the merger is in line with ACS's mission to enable the best retirement outcomes for its members.
Prior to the merger, Australian Catholic Superannuation had passed the 2022 Performance Test of the Australian Prudential Regulation Authority (APRA).
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Catholic Super is a public offer, profit-to-member industry fund
Anyone can join Catholic Super, and it offers both accumulation and pension products for its members. To nominate Catholic Super as your superannuation fund, you will need to provide your employer with Equipsuper's Australian Business Number (ABN 33 813 823 017). You will also need a Letter of Compliance for Choice of Fund from the Trustee of Catholic Super, confirming that the fund is a complying superannuation fund and can accept employer superannuation contributions.
Catholic Super's MySuper investment option has outperformed the median over 1, 3, and 5 years. The fund has passed the 2022 Performance Test of the Australian Prudential Regulation Authority (APRA).
Despite the generally positive long-term performance, there was little good news in the short-term investment returns for super funds due to market uncertainty, higher interest rates, and the rising cost of living.
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It offers both accumulation and pension products
Catholic Super is a not-for-profit superannuation fund that offers both accumulation and pension products. It was founded over 50 years ago and merged with Equip Super in 2019. As of 30 September 2023, the combined entity had over 68,000 members and managed assets worth over $15.9 billion.
The fund caters to a diverse range of members by providing both accumulation and pension products. Accumulation products enable members to grow their superannuation savings over time. These products are suitable for individuals who want to actively contribute to their super and maximize their retirement benefits. On the other hand, pension products are designed for individuals who are at or nearing retirement age. These products provide a steady income stream to support members throughout their retirement years.
The accumulation phase is typically when an individual is working and actively contributing to their superannuation. During this phase, members can choose from various investment options, such as shares, property, or managed funds, to grow their savings. Catholic Super's MySuper investment option, for example, has outperformed the median over 1, 3, and 5 years. Members can also take advantage of the fund's strict data handling protocols and security measures to ensure their accounts' safety.
Once members reach retirement age, they can transition to Catholic Super's pension products. These products provide a regular income stream, allowing members to access their superannuation savings to fund their retirement. Pension products often offer different payment frequencies and investment options to suit members' needs and preferences.
By offering both accumulation and pension products, Catholic Super caters to individuals at different life stages. Members can benefit from the fund's strong performance, as evidenced by passing the 2022 Performance Test of the Australian Prudential Regulation Authority (APRA). This comprehensive range of products empowers members to effectively plan for their future financial needs.
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Frequently asked questions
Yes, Catholic Super is an APRA fund. In 2022, Catholic Super passed the Performance Test of the Australian Prudential Regulation Authority (APRA).
Catholic Super is a not-for-profit super fund. It is a public offer, profit-to-member industry fund, which means all are welcome to join.
Catholic Super was founded over 50 years ago. In 2019, Catholic Super merged with Equip Super and became a division of it.
To nominate Catholic Super as your superannuation fund, you need to provide your employer with Equipsuper's Australian Business Number (ABN). You will also need a Letter of Compliance for Choice of Fund from the Trustee of Catholic Super.
As of September 30, 2023, Catholic Super had over 68,000 members with over $15.9 Billion in assets under management.
