AustralianSuper has signed a memorandum of understanding to merge with industry fund LUCRF Super next year.
LUCRF Super said it had chosen Australian Super as it offered “best option to ensure the fund can continue its proud and long-standing record of acting in members’ best financial interests” and deliver returns for members.
LUCRF chief executive, Charlie Donnelly, said: “LUCRF Super has specialised in taking care of the retirement savings of a large proportion of the lowest paid workers in Australia for more than four decades and we are certain that a merger with AustralianSuper will continue to provide the best value and benefits to members.
“LUCRF Super will ensure that this merger will provide a model for how best to put members interests first during mergers of this kind.”
AustralianSuper chief executive, Ian Silk, added: “This is a great opportunity for the two funds to get to know each other better and a great example of how funds should think about mergers to maximise the benefits of scale and deliver the best possible outcome for members in retirement”.
The merger was expected to be completed in the first half of 2022 subject to due diligence.