Update

Merging two great Catholic super funds

National Catholic Superannuation Fund (NCSF) and Catholic Super are to merge. From April 2010 they will become Catholic Super, operating with a range of new and improved benefits and services.

NCSF was established in 1987, combining the strength of an industry fund with a range of investment choices and operating under Catholic Church principles and family values. Catholic Super has been providing superannuation services to Church entities since 1971 and operating under similar principles. The merger brings their strengths together to serve Catholic employers and employees better.

“Over the years we have shared ideas and information,” says Bob Faorlin, NCSF's Manager. “Ultimately we were heading towards achieving similar objectives for the members of both funds. This co-operation will be better engaged under a single entity, bringing together the strengths, resources and collective membership to achieve our common goals.”

The merged fund will maintain all the current benefits with added improvements. In addition to having access to licensed financial planning and advice, members will have the choice of death, total disability and income protection insurance cover, discounted health insurance with Medibank Private and access to a range of banking products from ME Bank.

“As one entity, we will become truly Australia-wide and will be a more diversified Fund,” says Catholic Church Insurances’ CEO, Peter Rush, who is also a director of NCSF. “With greater scale and a broader national network, we will be able to respond to member and employer needs effectively and efficiently.”

Catholic Church Insurances is pleased to announce that it has been appointed the administrator of the merged Fund, keeping the services within the Catholic community.

Much has been done in preparation for the increase in membership. Changes to workflow systems, improvements in telephony and an upgrade to the employer and members’ online services to allow updates to personal details, have been implemented over the last 12 months or are near completion.

The switch to unit pricing has been another step in the right direction for members and has been put in place just in time for the merger. Unlike earning rates which are calculated on a yearly basis, under unit pricing investment earnings are calculated weekly (as reflected by the change in the value of investments and unit prices), providing a more equitable way of valuing super at any given time.

“We are excited about the merger and the increase in the administration services for Catholic Church Insurances,” says Bob. “Both will lead to improved services for members and employers of the merged fund.”

Peter Rush, CEO, Catholic Church Insurances
Bob Faorlin, Manager Superannuation NCSF
Article appears in Securitas March 2010 edition