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LUCRF Super and AustralianSuper merger guide

In members best interests


A merged fund between LUCRF Super and AustralianSuper will continue to work for members, not shareholders, aiming to deliver strong, long-term investment returns, and providing the tools and advice to help members feel on top of their super.

The merger remains subject to a range of conditions including a final decision by each board to merge, as well as legislative and regulatory approvals. We will keep you informed as planning progresses – check back for updates to this page.


Frequently asked questions

About the merger

Are you merging with AustralianSuper?

LUCRF Super and AustralianSuper have signed a Heads of Agreement and will continue to advance discussions.

The merger remains subject to a range of conditions, including regulatory, legislative, and final board approvals.

What is a Heads of Agreement?

A Heads of Agreement confirms the intent or agreement of both funds to merge and includes detail around how the potential merger will be delivered. During integration planning, the funds will work together to provide material benefits to both fund's members.

The merger remains subject to a range of conditions, including regulatory, legislative, and final board approvals.

Why AustralianSuper?

AustralianSuper shares our focus on working in the best financial interests of members, aiming to deliver strong, long-term investment returns, and providing the tools and advice to help members feel on top of their super.

Why are you merging?

Each board believes that a merger is in their members’ best financial interests. That is, both boards are confident that the Trustee of the merged fund will deliver material benefits to members — high performing investment products, quality services, and lower costs.

The merged fund will continue working for members, not shareholders, aiming to deliver strong, long-term investment returns, and providing the tools and advice to help members feel on top of their super.

When will the merger be finalised?

The funds aim to complete a Successor Fund Transfer Deed by first quarter 2022, and to finalise the merger before the end of the 2021/22 financial year.

What are the next steps in the merger process?

We now move to the integration planning phase of the merger. Under the Heads of Agreement, both organisations will now work together to deliver material benefits to members, with the details to be shared with members of each fund during coming months.

For employers

As an employer, what does this mean for me?

There is no change to your relationship with LUCRF Super because of this announcement. Under the heads of agreement, both organisations will continue to work together to agree on the merged organisation’s structure and how we can deliver benefits to both members and employers. We will keep you regularly updated on key decisions as the discussions progress.

How can I be sure the merger is in the best interests of my staff/clients?

Both LUCRF Super and AustralianSuper have a very clear legal obligation to act in the best interests of their members.

The due diligence process demonstrated a strong business case for merging the funds with achievable efficiencies and savings, and both funds’ boards have formed the view that entering into the Heads of Agreement to progress the merger is in members’ best interests.

When will employers be told more about the merger progress?

We’ll continue to keep you informed of progress through your regular BDM contacts and regular email updates.

For members

How will members benefit?

The merged entity will be the largest super fund in Australia, and will deliver material benefits to members — high performing investment products, quality services, and lower costs.

Do members need to do anything?

No, we’ll continue to manage your account through the integration and keep you updated on the progress of the merger.

There is no change to your relationship with LUCRF Super as a result of this announcement. Under the heads of agreement, both organisations will continue to work together to agree on the merged organisation’s structure and how we can deliver benefits to both members and employers.

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Contact us

Have you got a question about the merger?

Get in touch

Latest merger news

AustralianSuper. AustralianSuper Pty Ltd (ABN 94 006 457 987) of Level 30, 130 Lonsdale Street, Melbourne VIC 3000 (AustralianSuper Trustee) as trustee of AustralianSuper (ABN 65 714 394 898) (AustralianSuper).

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