Why have you received this communication?
Your LUCRF Super account has been identified as having a low balance (under $6,000) and being inactive (there has been no account activity for over 16 months).
This indicates that you may have multiple super accounts, meaning your retirement savings are at risk of being eroded by multiple sets of fees.
At LUCRF Super we always put members first, so we don’t want this to happen. We’ve therefore led a new initiative, together with other Industry super funds, to protect your super for your retirement.
What does this mean for you?
Unless you tell us otherwise, your account will be transferred to AUSfund, who will run a cross-fund matching program with other participating funds. This aims to combine your LUCRF Super account with any other active super account you may have. Where no match is found, your account will be held with AUSfund until they can reunite you with your super or you claim it yourself.
Any insurance cover or other benefits you had with us will cease and:
- you won't be able to make a claim for insurance benefits for events or conditions that arise after your cover has ceased
- 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
AUSfund is an eligible rollover fund owned by industry funds. It acts as a holding place for low-balance inactive accounts transferred from other funds, including ours.
AUSfund have low fees (helping to preserve your savings) and their investment returns are projected to be above CPI. If your account is transferred, you’ll continue to receive customer service and support, and receive a member statement annually.