Annual Review 2006 - PwC

Case
Study
LUCRF
Super:
Life after
APRA
LUCRF is a large superannuation fund that has grown to over
$2 billion in assets and more than 150,000 members. As with
many funds, the past year has been an ongoing challenge to
manage investments, plan future strategies and keep pace with
regulatory changes.
The superannuation sector has experienced increased competition
through fund choice, budget changes and trustees preparing for
and implementing APRA licensing. These moves have been
accompanied by strong investment returns and signifi cant
rationalisation in the number of funds.
PwC has worked closely with LUCRF to provide valuable input and
guidance in risk management and compliance. The team was also
consulted in managing the trustee’s APRA licence application.
APRA and ASIC’s recent focus on monitoring trustee governance,
appropriateness of advice to members, unit pricing practices and
compliance with public disclosure requirements has driven
additional internal scrutiny. With PwC’s assistance, LUCRF
signifi cantly changed the appointment process for fund managers
and made improvements in member and employer
communications.
“PwC provided a significant
amount of assistance
to the LUCRF board and
management in the last
12 months. The PwC
superannuation team’s advice
has helped LUCRF position
itself to compete in the new,
post-APRA Licensing Choice
of Fund environment.”
Greg Sword
Chairman of Trustees
LUCRF
Annual Review 2006 33