MTAA and Tasplan will be known as Spirit Super after the two superannuation funds merge on 1 April, 2021.

In an announcement, the funds said Spirit Super would have a joint funds under management of $23 billion and 326,000 members.

On the name MTAA Super chief executive, Leeanne Turner, said: “What I love about Spirit Super is it captures the energy of what we’re about. It’s fresh and optimistic and innovative — everything we want to be.

“This isn’t about a big fund absorbing a smaller fund. It’s about two successful funds coming together to get even better. It’s a true partnership that will provide a better super experience and outcomes to members across the nation.”

Turner also announced there would be a reduction in administration fees for all 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,” she said.