Pensions

How to join

Joining is easy - simply follow these three steps!

Step 1. Read our Pension Member Guide

It is important you read our Pension Member Guide as it provides key information about the benefits and features of LUCRF Pensions. It will help you decide if a pension is right for you, which type is suitable and whether or not you are eligible.

LUCRF Super offers two different pensions, read the Pension options page to find our more.

To be eligible for a pension you generally need to have reached your preservation age and have a super benefit of at least $10,000 to convert to a pension. Preservation ages are detailed in the table below.

Preservation Age

Date of birth Preservation age
Before July 1960 55
July 1960–June 1961 56
July 1961–June 1962 57
July 1962–June 1963 58
July 1963–June 1964 59
After June 1964 60

Step 2. Personalise your pension

There are several things you need to consider when starting a LUCRF Pension. You make the decisions and personalise your pension by selecting the options most suitable for you. These options are outlined below.

A. Your initial contribution (deposit)

A minimum initial deposit of $10,000 is required to open a LUCRF Pension. You can choose either the full amount or nominate a partial amount of your consolidated super to open your pension. Refer to our Pension Member Guide for more details (see Related content).

B. Select the payment amount and frequency of your pension payments

You can decide how often and how much money you get paid from your pension (minimum and maximum limits apply to a Transition Pension and minimum limits only apply to a Retirement Pension). Please refer to the ‘Pension Payments and tax’ section of our Pension Member Guide (see Related content).

C. Choose your investment options

You can choose from nine different investment options – you can select one option or a mix of several. If you don’t make a choice then your pension will automatically be invested in the Balanced (default) option. If you choose more than one investment option, then you can also choose which option you receive your pension payments from. For more information, please refer to the Investments section of our website.

D. Nominate beneficiaries

When you open your LUCRF Pension, you may nominate someone to receive your remaining funds in the unfortunate circumstance of your death. This person is called a ‘beneficiary’. You can nominate more than one person in some cases. For further details, please refer to ‘Nominating beneficiaries’ section in our Pension Member Guide.

Step 3. Complete the forms, provide certified identification and send back to us.

Simply complete the appropriate forms and send them back to LUCRF. Below is a checklist for you to help determine which forms you need to send us:

  • Complete the Pension Member Application Form to join as a Transition or Retirement Pension member (see Related content on the left). 
  • Complete the Pension Member Investment Choice Form if you wish to make an investment choice. If you do not complete this form, you will be invested in the Balanced (default) option
  • Provide a certified copy of your identification
  • Complete the Transfer between Funds Form and/or the Partial Rollover Form.
  • If you wish to add further money prior to opening your pension, please contact us directly on 1300 130 780
  • Complete the Tax File Number Declaration Form* if you are aged between 55 and 59, and
  • Return your completed form/s, cheque (if applicable) and certified identification to: LUCRF Super, PO Box 211, North Melbourne VIC 3051.

Important

Please remember that if you send a Transfer between Funds Form or Partial Rollover Form to start your pension, your account will not be opened until all the rollover money is received from the other fund/s. Remember you are unable to add to a pension account after it is opened, however you can open another pension account separately.

Pension forms are available for downloading from Related content (section on the left side of this page) and on the Pensions Forms and Publications page. If you require assistance with completing the forms, please call us on
1300 130 780.

* Instructions for completion are available from the ATO website www.ato.gov.au

Cooling Off Period

There is a ‘cooling off’ period that applies, allowing you to cancel your pension in writing, under the following circumstances:

  • Within 19 days of us receiving your application
  • Within 14 days of us issuing your Welcome Kit advising you of your pension details. Further information about the cooling off period is available in our Pension Member Guide.