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Keeping up with developments in super can be tricky, particularly if you may not have kept a particularly close eye on it (don’t worry, you’re not alone!). Things like super fund mergers can sound boring, but they can have important impacts for you and your retirement savings. Were you a member of LUCRF Super? As of 3 June 2022, it merged with industry super giant, AustralianSuper. As a result, LUCRF Super closed, effective 2 June 2022. What does this mean for you? Read on!
Super fund mergers are becoming increasingly common. LUCRF merged with AustralianSuper as of 3 June 2022. Information is available on AustralianSuper’s website.
We know that not everyone knows their superannuation fund back to front! LUCRF Super was an industry fund that managed the super savings of around 130,000 people, mostly in the logistics, pharmaceutical, manufacturing and food production industries.
Don’t worry, it’s still there. If you were a current member of LUCRF Super on 3 June 2022, you became an AustralianSuper member. AustralianSuper is Australia’s biggest superannuation fund, with 2.4 million members.
AustralianSuper manages the superannuation savings of workers from a number of different backgrounds and has overseen a number of mergers and acquisitions throughout its history.
LUCRF offered its members default death benefit insurance and total and permanent disability insurance (TPD insurance). However, it did not offer default income protection insurance. That doesn’t mean you couldn’t get it from LUCRF if you wanted – only that you would have to actively apply for it.
By contrast, AustralianSuper offers its members default insurance for death, TPD and income protection insurance. Need more info? You can get in touch with AustralianSuper directly.
Read more here:
What’s the difference? Income protection insurance and TPD insurance – Littles
Littles cheat sheet: What you need to know about recent changes to super – Littles
Importantly, it’s not quite clear whether LUCRF members will have access to the same default arrangements as AustralianSuper offers – or whether they will keep their old entitlements. If you’re now an AustralianSuper member by virtue of the merger, we encourage you to get in touch with them.
If you can’t work because of illness or injury in the workplace, you want to know where you stand. If you’ve been affected by the merger, and need to know whether you can make claim – fast – get in touch with Littles. We are insurance experts, and can tell you where you stand!
Don’t delay – seek advice now
If you have an illness or condition that prevents you from working, you might be worrying about how you are going to pay your bills and put food on the table. Don’t put your health at further risk. You might be entitled to receive a TPD lump sum, as well as other insurance benefits. Get in touch with Littles for a free super claims check. We can help you understand what your rights are, and manage the process efficiently and sensitively. Know where you stand, and get peace of mind.
Free advice and no upfront fees
Not only do we offer a FREE claims check – we handle most insurance claims on a no win, no fee basis.
Our Head of TPD and General Insurance, Rowan McDonald, is an insurance law expert. If you think you might have a claim, get in touch with Rowan and his team for high quality legal advice.
Everyone has the right to go to work each day, knowing they’ll come home safely. If you’ve been injured or...
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