Our response to COVID-19
Read time: 5 mins

Our response to COVID-19

We understand that the impact of COVID-19 (Coronavirus) is creating challenges for members and the broader community, and, as a result, we’re all adjusting to the changes in our daily lives.

In these times of uncertainty and significant investment market volatility, we encourage members to remain calm. Our investment team is highly experienced at managing investments through a range of market conditions - and is ready to respond to changes as needed.

While it’s still too early to know the full impact of COVID-19, as a Fund we are carefully monitoring the situation and are well prepared.

We’ve adopted a strong and considered approach to managing the impact of COVID-19 based on:

  • the health and safety of our team
  • the ongoing operation of our Fund, and
  • the provision of service for members and employers.

We’re closely monitoring advice from the World Health Organisation (WHO), the Australian Government Department of HealthDepartment of Foreign Affairs and Trade (DFAT) and local state health authorities in respect to appropriate responses to COVID-19.

We’ll continue to put our members first and keep you updated as the situation evolves.

Charlie Donnelly
Chief Executive Officer, LUCRF Super

Remaining calm in the face of market volatility

There’s been significant impact on the Australian and international financial markets and the global economy, which has been driven by the COVID-19 (Coronavirus) global pandemic.

These are unprecedented times and we understand that many of our members have concerns regarding the impact this may have to super and pension balances.

It’s important to keep in mind:

  • Super is a long-term investment.
  • Most members are invested in a diversified investment option which are generally less volatile than any single asset, like the share market, for example.
  • Before changing investment options based on short-term market fluctuations, you should consider what the impact could be on your future retirement balance.
  • We’ve seen similar challenging times in the past. Our investment team is highly experienced at managing investments through a diverse range of market conditions.
  • There’s value in maintaining a steady investment focus.
  • You should consider your retirement timeline before making short-term decisions.
  • Accessing your super early could result in any insurance currently in place being cancelled. 
  • Before making any changes to your investment strategy, we recommend you speak with one of our Financial Advisers, at no cost.

What should I do with my super if I've already retired or approaching retirement?

  • You can find information here about how investment markets and the economy move in cycles and why it’s important you carefully consider any changes you make to your investment options.
  • There are a number of things to consider before you move to a more conservative investment option and we encourage you to seek financial advice to get a full picture.
  • To speak with a LUCRF Super Financial Adviser at no cost, please call us on 1300 130 780.

What should I do with my super if my retirement is far away?

  • Doing nothing is an investment strategy in itself.
  • Market downturns are temporary, even if they’re severe in the short-term.

  • You can find information here about how investment markets and the economy move in cycles and why it’s important you carefully consider any changes you make to your investment options.
  • Before you make any change to your super investment strategy, you should seek financial advice.
  • To speak with a LUCRF Super Financial Adviser at no cost, please call us on 1300 130 780.

What if I'm affected financially by COVID-19?

If you're experiencing financial stress as a direct result of COVID-19, the Government is providing a range of financial assistance options. These include:

JobKeeper payment

The JobKeeper payment is intended to provide wage subsidies to businesses that are significantly affected by COVID-19, so that more Australians can retain their jobs and continue to earn an income.

If your job has been impacted, talk to your employer about whether they intend to claim the fortnightly payment of $1,500 on your behalf.

For more information and guidance, please see the Government’s fact sheet for employees here, and for employers here.

Temporarily reducing pension minimum drawdown rates

The Government has introduced legislation to allow for the temporary reduction on the minimum drawdown requirements for account-based pensions.  

This change is intended to help manage the impact on retirement savings during times of financial market volatility - as we’re currently experiencing.

Annual minimum payment requirements for account-based pensions and similar products will reduce by 50% for financial year (FY2019-20) and (FY2020-21).

Find out more here.

Important note: You should carefully consider eligibility criteria as penalties apply for making false and misleading statements.

Temporary early access to super

If you're experiencing financial stress as a result of COVID-19, from now, until 24 September 2020 (FY2020-21), eligible individuals can apply online through ATO online services in myGov to access up to $10,000 of their superannuation.

Find out more here.

Other financial resources

During challenging times, making financial decisions can feel overwhelming. 
  • MoneySmart has created a handy list of steps to look after yourself and your money – ‘COVID-19 making financial decisions’.
  • We have summarised some of the key measures the Government, banks, super funds and others are offering to immediately help Australians financially throughout this time.
    More information - Six options for financial support during COVID-19.
  • The Australian Government is providing many other financial assistance options to Australians to support them through the COVID-19 pandemic – ‘Supporting Individuals and Households.’ 
  • The Australian Government is also supporting Australian businesses to manage cash flow challenges and retain employees. Assistance includes cash flow support to businesses and temporary measures to provide relief for financially distressed businesses - Support for Businesses.
  • If you feel like your financial situation is an emergency, there are services that can help you with food, daily bills and emotional support. Call the free National Debt Helpline on 1800 007 007.
Members who are seeking more information about early access to their super balances outside of the new Government regulations should visit our When can you access your super? page. 

Will COVID-19 impact my insurance?

As COVID-19 continues to raise concerns, it is natural you’d have questions relating to your insurance cover. 

To learn about what's covered and how to make a claim head to – ‘COVID-19 and your insurance.’


Please visit our Frequently Asked Questions (FAQs) page for answers to some of the most commonly asked questions on how COVID-19 might impact your super - COVID-19 FAQs.

Contacting us

In line with Government recommendations, we’re taking preventative measures to safeguard the health and safety of all our members and staff. Whilst our offices are closed to the public until further notice, our friendly Contact Centre, qualified Financial Advisers and experienced Business Development Managers are available to members and employers over the phone, email or via online conferencing.

Learn more about our business continuity plan while maintaining staff health and safety here.

Our Contact Centre team is operating according to normal hours. However, we ask for your patience as we’re experiencing higher than normal call volumes.  

If you’re unable to reach us by phone, please email us and we’ll get back to you as soon as possible.

If you’d like to speak to one of our Financial Advisers, please use our online booking form to request an advice call.

Contact Centre

1300 130 780

8.30am to 6pm (AEST) Monday to Thursday
8.30am to 5pm (AEST) Friday



As information about COVID-19 becomes available, it will be updated in this section.

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).

Your browser is out of date

Please update your browser to view this website properly

Update my browser now