Closure of 'Jockeys' accumulation product

Significant Event Notice

Changes to our products

Date of notice: 13 August 2021

Purpose of this notice:  This notice explains the changes that will be made to LUCRF Super’s product offering in the updated LUCRF Super Product Disclosure Statement (PDS) and Insurance Guide (which forms part of the PDS), both available at lucrf.com.au/pds from 1 October 2021.

What’s changing? The ‘Jockeys’ accumulation product, provided under the Super Member Guide For Jockeys – Product Disclosure Statement (PDS), will close.

When will the change occur?

1 October 2021

How will this change affect you?

Product impact
On 30 September 2021, the ‘Jockey’ accumulation product for licensed jockeys, provided under the Super Member Guide For Jockeys – Product Disclosure Statement (PDS), will close.

From 1 October 2021, members who are employed as a licensed jockey will now be part of LUCRF Super’s main accumulation product, provided under Super Member Guide – Product Disclosure Statement (PDS).
A ‘licensed jockey’ is defined as a member who is employed by (and received Superannuation Guarantee (SG) contributions from) a state or territory Principal Racing Authority (PRA), including:

  • NSW Thoroughbred Racing Board (New South Wales)
  • Racing Victoria Limited (Victoria)
  • Queensland Thoroughbred Racing Board (Queensland)
  • Thoroughbred Racing S.A. Limited (South Australia)
  • Racing and Wagering Western Australia (Western Australia)
  • Tasmanian Thoroughbred Racing Council (Tasmania)
  • Thoroughbred Racing NT (Northern Territory)
  • Committee of the Canberra Racing Club Incorporated (Australian Capital Territory)
LUCRF Super's main accumulation product, provided under Super Member Guide - Product Disclosure Statement (PDS), does not differ from the  ’Jockeys’ accumulation product, currently provided under the Super Member Guide For Jockeys – Product Disclosure Statement (PDS) in terms of:
  • Investment options
  • Fees and costs
  • Insurance premiums

This change impacts other terms and conditions of the insurance arrangements.

Insurance impact

Under the Super Member Guide For Jockeys – Product Disclosure Statement (PDS), licensed jockeys can have different insurance terms and conditions relating to Death and Total and Permanent Disablement (TPD) cover, to those in LUCRF Super's main accumulation product.  This includes having different TPD Definitions applying to all of a member's Death and TPD cover, where a member has elected for cover which is more than the default level.

The TPD Definitions that apply in these circumstances are:

  • Part 1 – Specific loss
  • Part 2 – Loss of independent existence
  • Part 3 – Cognitive loss

The differences between these definitions and the definitions that currently apply to default cover in the 'Jockeys' accumulation product (and which apply to default cover in LUCRF Super's main accumulation product i.e. the 'Standard TPD Definitions'), are explained in the table at page 6.

Income protection (IP) cover is not available to licensed jockeys under the current 'Jockeys' accumulation product, and will not be available under LUCRF Super's main accumulation product.

 Licensed jockeys who join before 1 October 2021

If you are a licensed jockey who joined LUCRF Super before 1 October 2021, any insurance cover held will remain unchanged. The terms and conditions, and TPD definitions, provided in the Super Member Guide For Jockeys - Product Disclosure Statement (PDS) and Insurance Guide dated 1 April 2021  and applying where you have elected for more cover than the default level will also continue to apply, including for any insurance claims made on or after 1 October 2021.

From 1 October 2021 onwards, licensed jockeys will not be able to apply for additional cover above default. This is because under the terms of the Group Life policy with our insurer (OnePath Life Limited, or “OnePath”) which apply to LUCRF Super's main accumulation product, ‘Jockey’ is an excluded occupation and is not eligible for cover above the default level.

Licensed jockeys who join on or after 1 October 2021

If you are a licensed jockey who joins LUCRF Super on or after 1 October 2021, default insurance cover is offered under the terms and conditions provided in the Super Member Guide – Product Disclosure Statement (PDS) and Insurance Guide dated 1 October 2021. Default cover is provided to members under the Standard TPD Definitions.

From 1 October 2021 onwards, licensed jockeys will not be able to apply for additional cover above default. This is because under the terms of the Group Life policy with our insurer (OnePath Life Limited, or “OnePath”) which apply to LUCRF Super's main accumulation product, ‘Jockey’ is an excluded occupation and is not eligible for cover above the default level.

What do you need to do about this change?

There’s nothing you need to do.

Any Death & TPD or Death Only cover you have on your LUCRF Super account will remain the same.
However, if you joined LUCRF Super before 1 October 2021, you may wish to apply for additional cover prior to 1 October 2021 in order to be eligible under the current arrangements (refer to the TPD Definition Table at page 8 for more details).

You can reduce or cancel your insurance cover at any time.

You may also wish to consider whether LUCRF Super’s main accumulation product is suitable for you. Before making a decision about the product, you should consider your personal objectives, financial situation and needs, and have regard to the Super Member Guide – Product Disclosure Statement (PDS), You may also wish to obtain personal financial advice from a qualified financial adviser.

Who can help you understand this change?

If you need help understanding this change, email us at mypartner@lucrf.com.au or call us on 1300 130 780. We're available Monday-Thursday 8.30am-6pm and Friday 8.30am-5pm (AEST).

How can you make a complaint about this change?

If you’re unhappy with this change, you can lodge a complaint on our website at lucrf.com.au/complaintsemail us at mypartner@lucrf.com.au or call us on 1300 130 780.

You can also lodge a complaint in writing to:

The Complaints Officer
LUCRF Super PO Box 211
NORTH MELBOURNE VIC 3051

Issued by L.U.C.R.F Pty Ltd ABN 18 005 502 090 AFSL 258481 as Trustee for Labour Union Co-Operative Retirement Fund (LUCRF Super) ABN 26 382 680 883. Insurance cover is provided by OnePath Life Limited ABN 33 009 657 176 AFSL 238 341 (“OnePath”). This is general information only and has been prepared without taking into account your personal financial situation, objectives or needs. General information is not advice. You should assess your personal financial situation before making a decision about LUCRF Super. To help you decide we recommend you read our current Financial Services Guide (FSG) and Product Disclosure Statement (PDS), both available at lucrf.com.au or by calling 1300 130 780.

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