The banks are coming after your super!

There are two models of superannuation in Australia – one that delivers profits to members and one that delivers profits to shareholders. Since our beginning in 1978, LUCRF Super has always been an industry fund run only to benefit members.

We pride ourselves on our strong long-term returns and low fees, and our financial advisers don’t receive bonuses or commissions.

On the other hand, bank-owned retail funds are run to generate profits which are used to pay dividends to shareholders. The big banks are behind some of the biggest retail super funds in Australia.

Right now, the banks are pushing for a series of changes to super that would give more profits to their shareholders. These bank-sponsored changes undermine the ability of industry funds like us to invest and grow the savings of members. That’s not fair.

Independent research has shown that when compared to bank-owned funds, industry funds continue to deliver higher returns and charge lower fees.*

Letting the banks take over your super would mean less for your retirement. That’s why we want the government to stop the banks from getting their hands on your super.

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* Sources: SuperRatings Fund Crediting Rate Survey, SR50 Balanced (60-76), June 2017 and ‘Superannuation Industry Revenue Report 2017’, Rainmaker Consulting, May 2017.