A change to inactive accounts

Significant Event Notice (SEN)

April 2019

Eligible rollover fund

If your LUCRF Super account has a balance of $6,000 or less and is inactive (has not had a contribution in 16 months) , then your account will be transferred to AUSfund, who will run a cross-fund matching program with other super funds. If they can’t find your active account, you’ll remain a member with them until they can reunite you with your super or you claim it yourself. AUSfund may also be required by law to send your super to the ATO.

If you do have a low balance, it may indicate that you have multiple super accounts which means that your retirement savings are at risk of being eroded by multiple sets of fees.

If your super is transferred to AUSfund, you’ll no longer be a member of LUCRF Super. Any insurance cover or other benefits you had with us will cease and:

  1. You won’t be able to make a claim for insurance benefits for events or conditions that arise after your cover has ceased.
  2. Future applications for insurance cover through your superannuation may be subject to a health assessment and acceptance by the insurer, and you may not be able to get cover.

If you want to opt out of being declared inactive and having your account transferred to AUSfund, you need to contact us on 1300 130 780 by 30 April 2019.

You can contact AUSfund directly on 1300 361 798 for more information.

Communications

Individual correspondence to all members with a Low Balance Inactive account via:

  • EDM
  • Post
  • Member news May 2019
  • Public website

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