Significant Event Notice

Notice dateNature of event or changeImpact of the changeCommunications
1 May 2019Changes to Death & Total and Permanent Disablement (TPD) and Death Only Fixed Premium insurance cover – under 33 with Death & TPD, and under 26 with Death Only

We're making some significant changes to our Death & Total and Permanent Disablement (TPD) and Death Only Fixed Premium insurance cover. The level and cost of your insurance cover will change, depending on your age.

For Death & TPD cover, members aged:

  • 29 and under will have a much lower level of cover and a reduction in premiums
  • between 30 and 33 will have a slightly lower level of cover and a minor increase in premiums
  • 34 and over will have a higher level of cover, with only a moderate increase in premiums.

For Death Only cover, members aged:

  • 26 and under will have a much lower level of cover and a reduction in premiums
  • between 27 and 29 will have a slightly higher level of cover and a reduction in premiums
  • 30 and over will have a higher level of cover, with a moderate increase in premiums.

If you are

  • aged 33 or less at 1 July 2019 with Death & TPD cover, or
  • aged 26 or less at 1 July 2019 with Death Only cover

you can choose to convert your current Fixed Premium cover to Fixed Amount cover, and it will be rounded up to the nearest $1,000.

With Fixed Amount cover, the premium you pay will increase as you age while the amount you're covered for stays the same. You can choose to convert your current insurance from Fixed Premium to Fixed Amount cover by notifying us directly by 31 May 2019. Your transfer to Fixed Amount cover will be effective the date we receive your request.

If we do not hear from you by 31 May 2019, your insurance cover and premiums will change on 1 July 2019.

Individual correspondence to all members under 33 with Death & TPD, and members under 26 with Death Only on 1 May 2019.

Member News, May 2019

30 April 2019Cancellation of your Insurance Cover on your superannuation account

From 1 July 2019, recently passed legislation will prevent a trustee of a superannuation fund from offering or maintaining insurance for its members if a superannuation account has been inactive for 16 months or more, unless the member has directed the trustee to maintain the insurance.

An inactive account is an account that has not received a contribution or a rollover amount in the previous 16 months.

Members have the option to keep their insurance cover or cancel it. If your account is deemed inactive and you haven’t notified us of your intention to maintain your insurance by 1 July 2019, your cover will cease without further notice.

Please contact us on 1300 130 780 if you have any questions.

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

  • EDM
  • Post
  • Public website
July 2019Changes to Death & Total and Permanent Disablement (TPD) and Death Only Fixed Amount insurance cover – regardless of age

From 1 July 2019, there will be changes to the cost of our Death & Total and Permanent Disablement (TPD) and Death Only Fixed Amount insurance cover. As a result, the level of premiums you'll pay will change, but the amount of insurance cover you have will remain the same. You can vary or cancel your insurance cover at any time.

Individual correspondence to all members with Disablement (TPD) and Death Only Fixed Premium cover on 1 May 2019.

Member News, May 2019

10 April 2019Eligible 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.

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

  • EDM
  • Post
  • Member news May 2019
  • Public website
October 2018Change in fees

Our variable administration fee reduced from 0.22% to 0.18% per annum of your account balance. The following investment fees were also reduced.

Investment optionNew feeOld feeChange in fee
MySuper Balanced0.28%0.32%(0.04%)
High Growth0.31%0.35%(0.04%)
Australian Shares0.30%0.35%(0.05%)
International Shares0.39%0.42%(0.03%)
Indexed Shares0.11%0.15%(0.04%)
Property0.19%0.27%(0.08%)
Cash0.04%0.08%(0.04%)

Our indirect cost ratio (ICR), which is incurred by the fund and is not deducted directly from your account, has also been reduced from 0.43% to 0.39% per annum for the MySuper Balanced option. All changes are effective from 1 October 2018. The changes to the MySuper Balanced option also apply to the Balanced option for pension accounts.

Member news November 2018
August 2018Eligible rollover fund

AUSfund is an eligible rollover fund that can receive benefits from other super funds for members with inactive accounts.

We may transfer your account to AUSfund if your account*:

  • has a balance under $6,000, and
  • hasn't received a contribution for at least 16 months.

If your account is transferred to AUSfund, you'll no longer be a member of LUCRF Super, and any insurance you had with us will cease. You can contact AUSfund at the following: AUSfund, locked bag 5132, Parramatta NSW 2124. Phone: 1300 361 798. Email: admin@ausfund.com.au *The conditions of inactive accounts may be subject to change.

Member statements Aug 2018
March 2018Move to unit pricingEffective 26 March 2018 we will be moving to daily unit pricing, which is the methodology used by many super funds and investment trusts. This means we will be reporting daily unit prices in place of weekly and month-end crediting rates.Member news (under 40)
Member news (40-60)
Member news (over 60)
March 2018Reduction in investment fees

Effective 26 March 2018 our investment fee for the following options will reduce:

  • Cash option – from 0.10% to 0.08%
  • Indexed Shares – from 0.18% to 0.15% (fees are shown in after-tax amounts).
Member news (under 40)
Member news (40-60)
Member news (over 60)
August 2017Change in fees

New fee arrangements – on 1 October 2017.

As a result of this:

  • Insurance premiums are going down (Death, Total & Permanent Disablement, Income Protection). For example, if you have an employer who pays contributions into your super account, you receive 1 unit of Light Blue Fixed Premium Death & Total and Permanent Disablement insurance on joining us#. The cost of this insurance will drop from $3 to $2.55 per week. Death Only cover will drop from $1.50 to $1.28 per week. You don't need to do anything as premiums are automatically deducted from your account. For more information, please refer to our Insurance Guide at lucrf.com.au from 1 October 2017. #Eligibility criteria applies.
  • Our administration fee of $1.50 per week remains the same. From 1 October 2017, you'll also be charged a percentage-based administration fee of 0.22% per annum. This will be calculated on your average daily account balance and deducted from your account on a monthly basis. It's important to note that this fee is not a new fee; it was previously deducted as part of our investment fee structure. This means our investment fees (which cover the costs of managing our investment options) have dropped, as outlined in the table below.
Investment optionCurrent investment feeInvestment fee from 1 Oct 2017
Pre-mixed options
MySuper Balanced* (default)0.69%0.32%
High Growth0.75%0.35%
Targeted Return0.77%0.18%
Moderate0.58%0.25%
Conservative0.48%0.20%
Asset class options
Australian Shares0.67%0.35%
International Shares0.85%0.42%
Indexed Shares0.28%0.18%
Property0.28%0.27%
Cash0.28%0.10%
  • Our indirect cost ratio (ICR) will be disclosed. From 30 September 2017, we'll be disclosing an ICR, which will vary depending on which investment option(s) you've chosen. The ICR needs to be calculated based on the costs incurred in the previous financial year and will likely change each year. We're currently calculating the ICR for each investment option for the 2016/17 financial year. When ready, these figures will be available on our website and in our publications, including our Investments Guide. The ICR is not a fee and is not deducted directly from your account balance. Instead, it represents indirect costs incurred by us and our investment managers in generating the fund's investment earnings.
  • Activity fees are changing, as outlined below
Activity fee type

 

Current feeFee from 1 Oct 2017
Retirement$65$60
Rollover to another fund$25$20
Severe hardship$50$50
Compassionate grounds$55$60
Death/TPD$130$170
Departing Australian superannuation payment (DASP)$25$20
Small account balance$25$20
Terminal illness$25$20
Family law split fee*$120$136
Family law enquiry fee$26.40$33

All fee calculations are inclusive of GST. *This figure is split evenly between the two parties. Note: these fees (net of tax) are deducted directly from your account balance. For details of fees gross of tax please refer to our Member Guide – Additional Information.

Super News
TTR News
Pension News
June 2017Legislative changes from 1 July 2017Tax exemption on earnings from a Transition to Retirement (TTR) Pension will no longer apply. Earnings taxed at 15%. Annual concessional cap reduced to $25,000 for all members. Annual non-concessional cap reduced to $100,000. $1.6 million cap on total super savings which can be transferred into a LUCRF Retirement Pension account.

Super News
TTR News
Pension News

Individual correspondence to all members over 55 years in March 2017.