Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
Industry fund
CareSuper offers a Balanced default, other pooled investment options and a Direct Investment option. Its merger and recent insurance changes make the date of a comparison especially important.
Use the current CareSuper PDS and your member category. Continuing members may have legacy insurance arrangements that differ from cover offered to new members.
Retail fund
MLC's MasterKey range includes employer, personal and Super & Pension Fundamentals accounts. The investment and insurance terms depend on which product you hold.
MasterKey Super Fundamentals is designed for individual members. Business Super is arranged through employers, and employer discounts or insurance subsidies can affect the comparison.
Choose the actual investment pathway for each account. For lifecycle products, select the named stage relevant to you. No stage is selected automatically.
| Measure | CareSuper - MySuper | Choose an investment option |
|---|---|---|
| Return basis | MySuper net return after administration costs, $50,000 representative member | Choose an option |
| 3-year return, per year | 7.72% | Choose an option |
| 5-year return, per year | 5.88% | Choose an option |
| 7-year return, per year | 6.53% | Choose an option |
| 10-year return, per year | 7.32% | Choose an option |
| APRA strategic growth allocation | 71.90% | Choose an option |
| Reported total fees, net of tax, at $50,000 | $470 a year (0.94%) | Choose an option |
| Administration and advice costs, net of tax (included in total) | $150 a year | Choose an option |
| 2026 performance test | Pass | Choose an option |
| New-member status at reporting date | Check the current product eligibility rules | Check the current product eligibility rules |
Source: APRA Comprehensive Product Performance Package 2026, published 28 August 2026. Fees reflect the reporting year to 30 June 2026, are net of tax, use standard arrangements and exclude member-activity fees. Dollar figures are rounded. They are not a current quote. Check the latest PDS for changes, insurance premiums and any separately charged advice.
Returns are annualised historical results. Different return bases, risk levels and periods cannot be treated as interchangeable. MySuper net returns use a $50,000 representative balance even when you change the fee balance. A lifecycle stage return does not track a person moving between stages. Missing figures mean not reported, not zero. Past returns do not predict future returns. Read our method and APRA's definitions.
| What to compare | CareSuper | MLC |
|---|---|---|
| Membership and access | Use the current CareSuper PDS and your member category. Continuing members may have legacy insurance arrangements that differ from cover offered to new members. Sources5 | MasterKey Super Fundamentals is designed for individual members. Business Super is arranged through employers, and employer discounts or insurance subsidies can affect the comparison. Sources24 |
| Accounts and products | Current CareSuper following the November 2024 merger; historical CARE Super and Spirit Super are not separate current choices. CareSuper accumulation Retirement Income TTR Income Direct Investment option Sources2 | MLC MasterKey products in MLC Super Fund. Expand, Plum and NAB-specific plans are separate product propositions. MLC MasterKey Business Super MLC MasterKey Personal Super MLC MasterKey Super and Pension Fundamentals MLC MySuper Sources17 |
| Investment choices | Balanced The pooled menu includes Balanced, Growth, Alternative Growth, Sustainable Balanced and more defensive choices. Eligible members can use the Direct Investment option to choose selected ASX 300 shares, ETFs, listed investment companies and term deposits alongside CareSuper's other investments. Sources234 | MLC MySuper for eligible MasterKey Business and Personal Super members; check the selected investment in Fundamentals. MasterKey Super Fundamentals offers ready-made choices, lower-cost and socially responsible portfolios, plus asset-class options for a member-built portfolio. MLC MySuper invests across mainstream asset classes with some private and alternative assets and uses active and passive managers. Sources23 |
| Insurance | CareSuper offers death, TPD and income protection, subject to its categories and eligibility rules. Its insurance changes took effect on 1 April 2026 and generally increased costs, changed some cover amounts, and altered terms and definitions. Income protection is unavailable for Category D. Sources5 | The insurance offer differs between Business, Personal and Fundamentals accounts. Business and Personal Super can include both an insurer premium and an insurance administration fee; Fundamentals insurance charges consist of the insurer premium. Check the applicable guide rather than assuming all MLC insurance is priced the same way. Sources47 |
| Retirement income | CareSuper has retirement-income and TTR products with separate options and fees. The Direct Investment option is not available in TTR accounts. Former product names changed through the merger, so check the current account name when reading older material. Sources4 | MasterKey Pension Fundamentals provides account-based and transition-to-retirement pension pathways. A member can assess the pension menu as part of planning a move into retirement, but the pension fee schedule must be checked separately. Sources67 |
| Advice and support | CareSuper includes some telephone advice about the account within membership. The scope of advice and any extra fee should be confirmed before asking for a broader financial plan. Sources6 | Members can use MLC without a financial adviser. If they engage an adviser, fees for super-related advice may be deducted with consent and subject to product rules. Advice fees should be included in the overall cost of an advised arrangement. Sources4 |
| Fee details to check | Use current CareSuper fees rather than an old Spirit Super or CARE Super fee table. Direct investing adds a separate administration fee, brokerage and any underlying ETF or listed-fund costs. Insurance premiums need a quote under the post-April 2026 terms. Sources13 | An employer may have negotiated reduced fees, shown in the plan's Features At A Glance document. Changes from 1 April 2026 removed the insurance-fee cap for affected Business and Personal Super members and reduced the cap on the percentage administration fee. These are distinct changes: lower administration fees do not necessarily mean a lower total cost for an insured member. Sources45 |
| Comparing investment performance | CareSuper's current fee page expressly notes that the former CARE Super fund merged into Spirit Super and that the investment options were aligned. Long performance histories can contain predecessor-fund results; identify the basis before interpreting them as the experience of every continuing member. Use the current legal fund ABN and explain predecessor performance. Check the insurance category and whether cover is legacy, default or tailored. Sources1 | Compare the exact MySuper portfolio or chosen MasterKey investment. Age and product matter, and a return from one underlying fund is not the return from an entire member account after every administration, insurance and advice charge. Show the MasterKey product name and employer discount assumptions. Separate insurance premium, insurance administration charge and adviser fee where relevant. Sources1234567 |
| Former names and account history | Spirit Super: Merged with CareSuper on 1 November 2024; the resulting legal fund retains former Spirit ABN 74559365913. Sources7 | This detail has not been verified for this profile. Check the current product documents. |
THE SUPERGURU VIEW
CareSuper is useful to compare if you want pooled investment management with an option to take more control later. Existing members have another reason to review their account: the merger history and insurance changes mean old documents may no longer describe what they hold.
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE SUPERGURU VIEW
MLC deserves an account-level review rather than a verdict based on the brand. The breadth of investments can help someone with a deliberate portfolio, while a workplace subsidy may change the price materially. For current members, the 2026 insurance-fee-cap change is a practical reason to check the statement.
Sources5
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
Use the membership rules to establish which accounts are available to you. Then compare the total price of the investment option and cover you need. A lower fee or higher historical return alone does not tell you which fund is suitable.
Ask both funds to confirm insurance acceptance, exclusions, waiting periods and whether cover would change when you leave your employer. Obtain advice before giving up a defined benefit or an insurance policy you may not be able to replace. ASIC Moneysmart explains the comparison checks.
Read the full CareSuper profile · Read the full MLC profile · Choose another comparison
Checked 2026-09-11. Documents and product terms can change after this date.
Checked 2026-09-11. Documents and product terms can change after this date.