A message from our CEO

I’m proud of the fact that we put our members first in everything we do. That’s why we’ve been the strongest voice in the superannuation industry advocating for consolidation of members’ multiple accounts, especially those with low account balances.

While Australians continue to have multiple accounts, they continue to pay unnecessary and duplicate fees and possible insurance premiums too. That’s not right.

We’ve been pushing to change this for several years and I’m so glad to see that it’s now being addressed. From 1 July 2019 new legislation to consolidate low balance inactive accounts will be introduced, requiring super funds to transfer low-balance inactive accounts to the Australian Taxation Office (ATO). 

Prior to this new legislation being announced, we’ve been working hard behind the scenes to proactively help members consolidate their accounts. Just this month we participated in a cross-fund matching process through AUSfund, a low-fee specialist eligible rollover fund, who look after inactive, lost or unclaimed super.  

If a member has an inactive account for 16 months, it’s likely that they’ve changed jobs and their new employer is contributing to a different super fund. We’ll do whatever we can to help them be reunited with their active super account, even if it’s not with LUCRF Super. Of course, if they’d prefer to stay with us and want their new employer to contribute to their LUCRF Super account then we can help them make this happen too. Looking after our members is what we do best. 

We shouldn’t have a system that’s based on insurance companies and administrators gouging super from workers who have more than one super account because of the nature of their work. It’s great that we’re creating a system that protects, consolidates and grows everyone’s super.
 

We do everything we can to help maximise the retirement benefits of all members. We demonstrate this in our desire to eliminate any unnecessary fees, our latest fee reductions and through our investment strategies.

Keeping members informed, especially during times of investment market volatility is imperative. Importantly, we offer financial advice at no extra cost to all members, regarding their super or pension and encourage members to call us to have a chat about their financial situation.

We’re an industry super fund that cares deeply about our members and also about standing up for one another. 

If you have any questions about your super or pension, feel free to get in touch with our friendly contact centre team, who are always happy to help.

Wishing you all the best in the coming year.

Charlie Donnelly
CEO, LUCRF Super

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