AustralianSuper merger with LUCRF to complete in June

Staff Writer

Financial Newswire

11 April 2022

The merger between AustralianSuper and LUCRF is on track to complete on 3 June, this year.

AustralianSuper announced today that the Successor Fund Transfer Deed was on track to take effect in early June.

The fund said the merger process had met all deadlines and is 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 will officially move over to AustralianSuper on 3 June 2022.

LUCRF Super deputy chief executive and Chief Operating Officer, Antony Thow, said it was excellent news that members would see the merger with AustralianSuper concluded within a 12-month time frame.

“The teams at LUCRF Super and AustralianSuper have worked hard to deliver a quick and seamless merger and the result will be scale benefits delivered for all members from day one,” he said. “Since 1978, LUCRF Super has always made decisions in the best interests of members and the merger with AustralianSuper has maintained this approach.”

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

It said 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.