Governance

We're working for a better future

We've played a major role in shaping the super system, especially industry super funds, something we’re extremely proud of.

The primary purpose of LUCRF Super (also referred to as the Fund) is to maximise the retirement benefits of its members.

To achieve this, the Trustee must ensure the Fund is well governed.

Read our Governance Statement

The Trustee

The Trustee of LUCRF Super is L.U.C.R.F Pty Ltd. The Trustee holds a Registrable Superannuation Entity (RSE) licence from the Australian Prudential Regulation Authority (APRA) and an Australian Financial Services Licence (AFSL) issued by the Australian Securities and Investment Commission (ASIC).

This allows the Trustee to provide financial product advice to its members. The Trustee also holds indemnity insurance to protect the Fund from legal action.

LUCRF Super is governed by a Trust Deed, which is a legal document that sets out the rules for running a super fund, and what the Trustee can and can’t do. 

Read our Trust Deed.

Board of Directors

The Board Charter describes the process and the procedures applied by Directors to meet their accountabilities and ensure the Fund is well managed and is in the best interests of its members.

Read our Board Charter.

Register of relevant duties and interests

The Trustee maintains a Register of Relevant Duties and Relevant Interests for itself, its responsible persons and associates.

A relevant duty is, for example, other Directorships or employment that an individual may hold, and a relevant interest is, for example, major shareholdings.

Relevant duties and relevant interests will be disclosed in the register for as long as the Trustee, responsible person or associate has the relevant duty or interest.

Read our Relevant Duties and Relevant Interests Table.

Conflicts management policy

LUCRF Super has developed a conflicts managements framework that identifies, avoids and manages conflicts of duty and interest. A policy is in place which reflects the Trustee’s legal and regulatory obligations and the Trustee’s commitment to the interests of beneficiaries. It applies to the entirety of its business operations. The policy includes examples of conflict situations, the process if a conflict does arise, declarations which are made on an annual basis and details of determining a relevant duty and interest.

Read our Conflicts Management Policy.

Whistleblower policy

LUCRF Super recognises the value in developing and fostering a culture of corporate compliance, ethical decision-making and protecting eligible whistleblowers.

Read our Whistleblower Protection Policy.

Annual Report & Financial Statement

As an industry fund, our sole purpose is to look after members' interests. We don't have shareholders that we have to share profits with, therefore more profit goes to our members.

Read our latest Annual Report and Financial Statement.

Member Outcomes Assessment

We're proud to provide our member outcomes assessment for 2020. This report demonstrates how our MySuper Balanced and other investment options, products and services have promoted the financial interests of members and are expected to continue to do so going forward. To read the report, click here.

Annual Performance Assessment

Our MySuper Balanced (default) product has not met the performance requirement in the APRA Annual Performance Assessment for the period ending 30 June 2021.

The Australian Prudential Regulation Authority (APRA) has given L.U.C.R.F Pty Ltd ABN 18 005 502 090 as trustee for Labour Union Co-operative Retirement Fund a notification of a determination under subsection 60C(2) of the Superannuation Industry (Supervision) Act 1993 that the requirement in subsection 60D(1) of the Act relating to performance has not been met for the MySuper product offered by L.U.C.R.F Pty Ltd, in relation to the financial year ending 30 June 2021.

APRA had not given L.U.C.R.F Pty Ltd a notification of another determination under subsection 60C(2) of the Superannuation Industry (Supervision) Act 1993 that that requirement had not been met for the MySuper product offered by L.U.C.R.F Pty Ltd, in relation to the previous financial year.

Learn more.

Our service providers

We delegate some of the specialist work in administration and financial management to reputable organisations with expertise in their field.

Significant Event Notices

We have a responsibility to tell our members about material changes to the Fund that may affect their account.

This could be a change to fees and costs, a change to insurance cover or premiums, or where a member’s benefit may be transferred without their consent. The message sent out to affected members, telling them about the decision and its impact, is called a significant event notice. We usually communicate these notices via our LUCRF Super newsletters.

Timing of significant event notices:

• Change or event that does not relate to an increase to a fee or charge will be sent as soon as possible, but not later than three months after the change or event occurs, or
• Change or event that does increase a fee or charge will be sent at least 30 days before it occurs.