AustralianSuper and LUCRF Super reach next merger stage

AustralianSuper and LUCRF Super have signed a Successor Fund Transfer Deed (SFTD) and are on track to successfully complete the final step in their merger that takes effect on 3 June 2022.

AustralianSuper group executive, membership and brand, Rose Kerlin, said the merger would provide an excellent outcome for members of both funds.

“The merger process has been efficient and timely, and it’s a great outcome for both funds given our shared values and a focus on delivering great outcomes for members,” Kerlin said.

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“AustralianSuper’s absolute priority in everything we do, including mergers, is to be members first and achieve the best outcomes for members.

“The merger is an opportunity to deliver additional scale benefits and continued strong long-term net performance for members.”

The merger process had met all deadlines and was on track to be completed within the allocated 12 months. The funds signed a Memorandum of Understanding to merge subject to due diligence in July 2021 and LUCRF Super members would officially move over to AustralianSuper on 3 June 2022.

LUCRF Super deputy chief executive and chief operating officer, Antony Thow, said the teams at LUCRF Super and AustralianSuper had worked hard to deliver a quick and seamless merger and the result would deliver scale benefits for all members.

“Since 1978, LUCRF Super has always made decisions in the best interests of members and the merger with AustralianSuper has maintained this approach.”

AustralianSuper had successfully completed a merger with Club Plus Super in December last year and had also successfully implemented a number of Successor Fund Transfers with corporate plans in the past five years, including Australia Post.

The two mergers will see a combined inflow of over $10 billion in the retirement savings of over 180,000 members to AustralianSuper in the 2022 financial year.

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