LUCRF SUPER

PENSIONS

Retirement Pension

What Pensions does LUCRF Super offer? 

LUCRF offers two types of pensions:

Transition Pension - when you're on your road to retirement
Retirement Pension - for retirees.

These products are very competitive, basic features include:

  • No entry or exit fees**
  • Low ongoing fees and no commissions
  • Choice of Transition Pension or Retirement Pension
  • Flexible, diversified range of six investment options 
  • Easy to invest your money
  • Personalised customer service, you talk to a person, not a machine 

Planning for retirement?

If you are approaching retirement or planning for retirement*, it is a time of excitement and opportunity.
 
You will have more time to pursue those activities you have been meaning to get around to “one day”. It is time to enjoy life to the fullest.
 
You also need to ensure your savings are at a level that will make the most of your retirement options. 
 
What is a Retirement  Pension?
 
A Retirement Pension is like the income you receive when you are employed except this income is paid from your superannuation benefit as a regular income stream.  

Pensions for Retirees

You must have either reached your Preservation Age (see table below) and intend never to be gainfully employed either full or part-time, or have resigned or retired from an employer after reaching 60 years of age, or be aged 65 years or be permanently incapacitated (at any age).

Date of Birth

Preservation Age

Before 01/07/1960

55

01/07/1960 - 30/06/1961

56

01/07/1961 - 30/06/1962

57

01/07/1962 - 30/06/1963

58

01/07/1963 - 30/06/1964

59

After 30/06/1964

60
 
Your Retirement Pension must be opened up with a non-preserved superannuation payout.

You have access to timely pension payments and lump sum payments or commutations if you require. 

The choice is yours regarding when you receive your pension payments fortnightly (on the 14th and 28th of each month), monthly (on the 28th of each month), quarterly, bi-annually or annually.  Monthly, quarterly, bi-annual and annual payments are all made on the 28th of the respective month.

There is a minimum (annual) payment restriction dependent on your age, (see table below) however unlike the Transition To Retirement, there is no maximum payout restriction.

Minimum (Annual) Payment Restrictions effective from 1 July 2007 and temporary minimum drawdown available for the remainder of 2009/10.

Age

Percentage of Account Balance

 Temporary min. drawdown available until 30 June 2010 

Under 65 years 

4%

  2%

65 to 74

5%

  2.5%

75 to 79

6%

  3%

80 to 84

7%

  3.5%

85 to 89

9%

  4.5%

90 to 94

11%

  5.5%

95 or more

14%

  7%

Can I invest in a LUCRF Pension?

 
LUCRF Super offers two income streams. To be eligible to invest in a LUCRF Pension, you will need to be rolling over your superannuation benefit, and either: 
  • be over the preservation age (which is determined by a sliding scale depending on your date of birth, see below); or
  • have immediate (unrestricted) access to your ETP monies.
You also need to have an initial minimum investment account balance of $10,000 and your account needs to be kept greater than $1,200.

Please peruse our LUCRF Pension Member Guide (PDS & FSG) and Pensions brochure (below) for further details.

Prior to making any decison, you may wish to seek professional financial advice from your financial planner, if you do not have a financial planner, please contact us directly on 1300 130 780.

* Retirement includes any situation where you have unrestricted access to your superannuation benefit, including ceasing work due to ill-health.

**An administration fee does apply.  More information on fees and charges is available here.



  • Brochures & Flyers

  • LUCRF Pensions brochure

    An overview of LUCRF's Transition Pension and Retirement Pension.

    Download »  

  • Member Guides

  • LUCRF Pensions PDS

    This Product Disclosure Statement (PDS) (and application forms) explains the main features of the LUCRF Transition Pension and Retirement Pension, as at 22 March 2010.

    Download »  


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