LUCRF Super and AustralianSuper sign Heads of Agreement

The trustee boards of LUCRF Super and AustralianSuper have signed a Heads of Agreement, an important milestone in the merger process currently being undertaken by both funds.

A significant milestone in the merger between industry superannuation funds LUCRF Super and AustralianSuper has been completed, with both Fund boards approving a Heads of Agreement as they continue to advance discussions.

This follows the successful completion of due diligence by the two Funds and their respective advisers.

LUCRF Super and AustralianSuper will now move to the next stage of the process, where the parties aim to complete a Successor Fund Transfer Deed to finalise the merger before the end of the 2021/22 financial year.

The CEO of LUCRF Super, Charlie Donnelly said he was very pleased with the way the proposed merger is progressing.

“We want to provide our members with a quick and seamless transition to AustralianSuper,” he said.

“A successfully completed merger with AustralianSuper will provide LUCRF Super members with market leading capabilities that will provide high performing investment products and quality services.”

AustralianSuper Chief Executive, Paul Schroder welcomed the next stage in the merger discussions.

“AustralianSuper is looking forward to the next stage of the process.  As the Fund grows with new members joining every day, we remain focused on helping all members achieve their best financial position in retirement.”

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LUCRF Super and AustralianSuper merger

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