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 out 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.
|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|
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 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).
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). You can also nominate which investment option your pension payments are drawn from (if you have more than one investment option chosen). Please refer to the ‘Pension Payments and tax’ section of our Pension Member Guide (see Related content).
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.
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.
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:
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
There is a ‘cooling off’ period that applies, allowing you to cancel your pension in writing, under the following circumstances: