The merger of LUCRF and AustralianSuper is just around the corner. The merger is set to proceed on 3 June 2022, with LUCRF Super to close from 2 June 2022. On that date, all current LUCRF members will become AustralianSuper members.
Who is AustralianSuper?
AustralianSuper is the bigger of the two super funds, as it manages the retirement savings of approximately 2.4 million members. It is currently Australia’s biggest superannuation fund.
Given its sheer size, AustralianSuper manages the superannuation savings of workers from a number of different backgrounds and has overseen a number of mergers and acquisitions throughout its long history.
Who is LUCRF Super?
LUCRF is a much smaller fund and manages the retirement savings of approximately 132,000 members.
LUCRF is an industry super fund (the first ever) that represents a variety of workers, with a particular focus on those in logistics, pharmaceutical, manufacturing and food production industries.
How will members’ insurance benefits be affected after the merger?
LUCRF currently offers its members default death benefit insurance and total and permanent disablement (TPD) insurance. It does not offer its members default income protection insurance. This means that if you would like to have income protection insurance, you must apply for it.
On the other hand, AustralianSuper offers its members default insurance for death, TPD and income protection. You can learn more detail about AustralianSuper insurance benefits in our blog, “AustralianSuper TPD and income protection (IP) insurance claims”.
It’s unclear what insurance entitlements will be available to LUCRF members after the merger. However, we expect that as with other mergers, LUCRF members will continue to have insurance entitlements which are similar to those which they currently hold as LUCRF members.
Having said that, it is possible that their insurance entitlements will change to fall into line with those offered to AustralianSuper members. We expect to have more details of the changes to LUCRF member insurance entitlements shortly.
In the interim, if you’re having difficulties with your injury or illness insurance claim, call us for free advice. It costs you nothing to find out where you stand.
How we charge
We are Australia's best value superannuation/insurance law firm. Other law firms charge nearly double (& sometimes more than double) what we charge. So, if you get a quote from them, or have a cost agreement, ask us what we will charge you.
Melbourne: 03 9448 8048
Brisbane: 07 3013 4300
Anywhere else in Australia: 03 9448 8048