Closure of 'Woolworths NSW' 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 ‘Woolworths NSW’ accumulation product, provided under the Super Member Guide For Woolworths NSW – 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 ‘Woolworths NSW’ accumulation product, provided under the Super Member Guide For Woolworths NSW – Product Disclosure Statement (PDS), will close.

From 1 October 2021, Woolworths NSW members will now be part of LUCRF Super’s main accumulation product, provided under Super Member Guide – Product Disclosure Statement (PDS).

‘Woolworths NSW’ members are defined as a permanent employee of Woolworths Group Limited (or subsidiary companies) working for one of the following distribution centres located in NSW:

  • Yennora
  • Minchinbury
  • Erskine Park
  • Wyong

LUCRF Super’s main accumulation product, provided under Super Member Guide – Product Disclosure Statement (PDS), does not differ from the ’Woolworths NSW’ accumulation product, currently provided under the Super Member Guide For Woolworths NSW – Product Disclosure Statement (PDS) in terms of:

  • Investment options
  • Fees and costs
  • Insurance premiums

The impact of this change is limited to the default IP insurance arrangements only. All Woolworths NSW members will remain eligible for default Death and TPD cover. Please see the Super Member Guide - Product Disclosure Statement (PDS) and Insurance Guide (which forms part of the PDS), for more information on the terms and conditions applicable to default Death and TPD cover.

Insurance impact

Under the Super Member Guide For Woolworths NSW – Product Disclosure Statement (PDS), when Woolworths NSW members first join LUCRF Super, they are eligible to be provided with default IP cover (automatic or elected) of $500 per week of Light Blue cover with a 30-day waiting period in addition to the default Death & TPD cover.

From 1 October 2021, default IP cover will no longer be offered to Woolworths NSW members under the ‘Woolworths NSW’ accumulation product, as it will be closed. (A transitional arrangement applies to existing Woolworths NSW members who have not made an election to obtain default cover and are within 90 days of receiving their Welcome Letter, and to Woolworths NSW members who join on or after 1 October 2021, but who have an account open date before that date (see below)).

Woolworths NSW members will still be eligible to receive default Death and TPD cover under LUCRF's main accumulation product, provided under the Super Member Guide – Product Disclosure Statement (PDS). Underwritten IP cover is also offered under this product via application.

Woolworths NSW members who join before 1 October 2021

If you are a Woolworths NSW employee who joined LUCRF Super before 1 October 2021, any insurance cover held will remain unchanged (including any IP cover that was provided prior to 1 October 2021).

However, after 1 October 2021, all Woolworths NSW members will no longer be provided with automatic default IP cover should they subsequently reach age 25 and attain an account balance of $6,000 or more.  All members may still apply for underwritten IP cover via application (subject to eligibility).

Woolworths NSW members who join before 1 October 2021 and who are within the 90 days from the issue date of their Welcome Letter, may apply for elected default cover (including default IP cover) before this period expires.

Woolworths NSW Members who join on or after 1 October 2021, but with an account open date before 1 October 2021

Woolworths NSW members who join and are issued their Welcome Letter on or after 1 October 2021, but with an account open date before 1 October 2021 will not be provided with automatic default IP cover, but have the option to apply for elected default IP cover before 31 December 2021 by completing one of the applicable forms available at lucrf.com.au:

Members may still apply for underwritten IP cover via application (subject to eligibility).

Woolworths NSW members who join on or after 1 October 2021

Woolworths NSW members who join and are issued their Welcome Letter on or after 1 October 2021, and with an account open date on or after 1 October 2021, will no longer be eligible for elected default IP cover or automatic default IP cover.  Members may still apply for underwritten IP cover via application (subject to eligibility).

What do you need to do about this change?

There’s nothing you need to do.

Any Death & TPD, Death Only and/or IP cover you have on your LUCRF Super account will remain the same. Woolworths NSW members who are currently within the 90 days from the issue date of their Welcome Letter may wish to apply for elected default IP cover, before this period expires.

However, if you receive your Welcome Letter on or after 1 October 2021 with an account open date before 1 October 2021, you may wish to apply for elected default cover to obtain default IP cover prior to 31 December 2021.

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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