LUCRF SUPER

PENSIONS

Transition Pension

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 Pensions does LUCRF Super offer? 

LUCRF offers two types of Pensions:

Transition Pension - on your road to retirement
Retirement Pension - for retirees.

LUCRF Pensions are very competitive, basic features include:

  • No entry or exit fees**
  • Low ongoing fees 0.90% per annum** 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

A Transition Pension caters for people who are of preservation age (see table below) and want to remain in full time or part time employment, but wish to also receive some income from their superannuation and then gradually reduce their working hours until they finally retire.

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

The Transition Pensions gives you access to timely pension payments.  Unlike the Retirement Pension, with a Transition Pension, no lump sum payments or commutations are available (until after you retire).  

The choice is yours regarding when you receive your pension payments fortnightly, monthy, quarterly, bi-annually or annually.  

There is a minimum (annual) payment restriction dependent on your age, (see table below) however unlike the Retirement Pension, there is a maximum payout restriction of 10% per annum.

Minimum (Annual) Payment Restrictions effective from 1 July 2007

Age
Percentage of Account Balance
Under 65 years 
4%
65 to 74
5%
75 to 79
6%
80 to 84
7%
85 to 89
9%
90 to 94
11%
95 or more
14%

Note: The Transition Pension has a maximum payment of 10% per annum

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 Pensions Product Disclosure Statement (PDS) and Pensions brochure detailing frequently asked questions (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.  The current rate is 0.90% per annum with a minimum fee of $450.00 per annum


  • Offer Documents

  • LUCRF Pensions PDS

    This Product Disclosure Statement (PDS) and SPDS (and application forms) explains the main features of the LUCRF Transition Pension and Retirement Pension, as at 31 December 2007 and 20th August 2008.

    Download »  

  • Brochures

  • LUCRF Pensions Brochure

    Provides a quick overview of LUCRF's Transition Pension and Retirement Pension.

    Download »  


REGISTER
 

Fast Track

Register Now