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1962 was a busy year

The Beatles released their first single Love Me Do, the Commonwealth Games were held in Perth and Mater was giving away this stunning modern prize home at Aspley Heights with the latest his and hers cars.

And if 1962 wasn’t already exciting enough, a Mater staff superannuation fund, now known as Mercy Super, was born.

On 31 July 1962, 100 years after the Sisters first arrived in Brisbane, the Sisters of Mercy Queensland had the foresight to establish a staff superannuation fund to provide benefits for present and future employees of the Sisters of Mercy. That was well ahead of its time with compulsory super not being commonplace in Australia for another 30 years.

Mother Superior at the time, Mother Damian Duncombe, and Hospital Secretary, John Joseph O’Brien, were appointed to manage the fund – the original trustees.

In 1983 the staff superannuation fund name officially became The Sisters of Mercy Staff Superannuation Scheme and it had approximately $8 million in assets at the time.

In 1991 the superannuation office was established on Mater’s South Brisbane campus and in 1992, 30 years after Mercy Super was established, the Australian Government introduced the Superannuation Guarantee, a compulsory system of superannuation support for Australian employees, paid for by their employers.

It may seem strange now, but back in 1974 only 32 per cent of the Australian workforce, and only 15 per cent of working women, received superannuation. Today, 77 per cent of Mercy Super’s members are women and 71 per cent of the Australian workforce, including 67 per cent of women, receive superannuation. We sure have come a long way since the 70’s!

In 2009 the fund held $380 million in savings for its 11,000 members and became known as what it is today, Mercy Super. In 2016, Mercy Super’s assets reached $1 billion and the fund was awarded the SuperRatings Rising Star award, recognising the super fund that excelled in significantly enhancing its services and benefits for members – people like you.

Today, the core purpose and passion behind Mercy Super remains unchanged – to build better retirement outcomes for her unique community of members. Mercy Super may be in her late 50s, but she is as fresh and energetic as ever – taking care of the $1.3 billion entrusted by more than 13,000 exceptional people that make up the membership community.

Five fun facts about Mercy Super

  1. Mercy Super was providing benefits to Sisters of Mercy employees 30 years before compulsory super was introduced. Mother Superior at the time, Mother Damian Duncombe, and Hospital Secretary, John Joseph O’Brien, established Mercy Super on 31 July 1962.
  2. If you change jobs you can take Mercy Super with you and continue to enjoy your exclusive benefits – even if you’re going to Queensland Health. Hundreds already have
  3. Women make up 77% of Mercy Super’s membership, the 5th highest across all Australian super funds.
  4. Our generous insurance cover package is ranked as one of the best in the industry. We protect our members with more than $52 billion in death cover and $623 million in annual income protection cover.
  5. Mercy Super’s longest continuous members have been with us since 1983, the same year the final episode of M*A*S*H aired.

Notes:

  1. Industry median and other fund performance according to SuperRatngs at superratngs.com.au. Past performance is not indicatve of future performance.
  2. Source – APRA annual fund-level statsistcs apra.gov.au
  3. Source – SuperRatings Benchmark Report 2017. Cover levels at 30 June 2018

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