2007/08 Annual Report

30 year anniversary

Commemorative annual report

The 2008 Lucrf Super Annual report In this year’s Report, you will find information on the Fund’s performance, financial statements, investment options, Trustee details, a message from the management and information on new products and services.

Lucrf Super 2008In line with the growth of the Fund and the need to better service our members, we have progressively strengthened our staff numbers and skills base. Member services and communications have climbed to new levels during the year, which has been evidenced by improved publications, expanded insurance coverage and member education seminars. We have been operating LUCRF Pensions for just over one year, which now means members can retain their relationship with LUCRF Super during their retirement years.

Lucrf Super Trustee BoardDuring the year, the Board saw the retirement of Rob Barber and I thank him for his efforts. Rob was replaced by Jeff Doyle and we look forward to his contribution on the Board.

Lucrf Super – the coming yearProvision of new and improved services and products will be our focus this year. It is proposed to develop a Sustainability Policy to embrace all facets of operation of the organisation, including community and member engagement, operational efficiency and approach to investments. Later this year we will move to our new offices in Melbourne’s Docklands, enabling improved member access to LUCRF Super, as well as providing modern meeting, training and seminar facilities.

We will continue to provide the same prompt and efficient service from our in-house staff, as well as expanding member information presentations around Australia and introducing new products progressively. Further information is available in this Annual Report, as well as on our website, www.lucrf.com.au

On behalf of the LUCRF Super Board, I would like to thank our staff, our participating employers, the National Union of Workers and our members for their efforts and support during the year. We look forward to meeting the ongoing needs of all our stake-holders for generations to come.

John Carlile Chairman

chAirmAn’S reporTconTenTSBetter insurance at no extra cost 3

Want an income in retirement? 4

CEO report to members 5

Keep in touch with your super 6

Investment market Q & A’s 7

New home for LUCRF Super 8

Investment performance 10

2007/08 economic commentary 11

30 Years of LUCRF Super 12

Your Investment options 14

How LUCRF Super protects your money 16

Financial Statements 18

All photos in this Annual Report are of LUCRF Super members and we thank them for their contribution.

Declared Rates for 2007/08

Investment Option

LUCRF Super

LUCRF Pensions

Balanced -6.49% -6.20%

Cash 5.43% 6.67%

Indexed Shares -16.14% -17.10%

Australian Shares -12.35% -12.33%

International Shares -19.40% -20.52%

Property -34.73% -37.49%

Fixed Interest* 4.19% 5.14%

* This option was closed on 1 April 2008 (see footnote page 10).

This year LUCRF Super is pleased to celebrate its 30th Anniversary and takes pleasure in being ‘Australia’s First True Industry Superannuation Fund’ – a great achievement in establishing the foundation for retirement savings for Australian workers, which today we all take very much for granted.

Your Lucrf Super BoArd

Pictured left to right: Tim Kennedy, Antony Thow, Gary Maas, Tony O’Grady, John Carlile, Charlie Donnelly, Ted Eftimiadis, Raymond Tanner, Jeff Doyle, Tim Lyons, Christopher Brown and David O’Sullivan.2

30 year anniversary

In 1978 Velcro was introduced to the market, the first IVF baby was born, the Holden Commodore was launched and LUCRF Super was created.

Before then, the average Australian worker didn’t have superannuation – it was usually an exclusive white collar benefit.

In 1978, the Federated Storemen and Packers Union (FSPU – now the NUW) put a claim for superannuation to the Skin and Hide Industry employers in Victoria. The employers accepted the claim and in December that year, LUCRF Super was created to manage the Union members’ new superannuation benefit.

1978 –1984

$5,616,220

By 1984 LUCRF Super had:Total Assets

And had returned an average 12.37% pa to members since inception.

Find out more on page 12

1978 –2008Better insurance

at no extra cost!For a lot of people, just getting from one payday to the next can be challenging enough. Everyday costs seem to be forever increasing and just getting by is that little bit harder.

To provide you with better financial security and flexibility, LUCRF Super has recently renegotiated our insurance contract with ING Life Limited.

The new arrangements offer:

recognition of the type of work you do

Standard Cover

Is for members in traditional blue collar roles involving manual labour conducted outside an office environment. This is our default insurance option.

White Collar Cover

Is for members whose role is:

Limited to professional, administrative •or similar deskbound tasks (not manual labour); and

Is undertaken entirely (or at least •80%) within an office environment.

default coverIf you are a member of LUCRF Super’s industry fund, you automatically get one unit of Death & Total and Permanent Disablement (TPD) standard cover upon joining. This costs $2 per week and you are able to vary your insurance cover at any time.

increased cover at no extra costThe average increases in cover are:

Standard Cover:• Death Only up 34%

Standard Cover:• Death & TPD up 37%

White Collar Cover:• Death Only up 130%

White Collar Cover:• Death & TPD up 136%

convenienceInsurance fees are deducted from your super account, leaving more of your salary for your day-to-day costs.

100% increase in maximum coverThe maximum level of insurance cover has increased from $1 million to $2 million.

easier to get coverWhen you or your family members first join LUCRF Super, you can now choose either:

one unit of Death & TPD insurance, or •up to 4 units of Death Only cover,•

with no need for medical reports or other paperwork.

Want to know more?

For more information on the insurance available to you, visit www.lucrf.com.au or call us on 1300 130 780 and ask for an insurance brochure.

Employee RepresentativesMr Charlie Donnelly General Secretary, National Union of Workers

Mr Tim Kennedy Assistant General Secretary, National Union of Workers

Mr Antony Thow State Secretary (Victoria), National Union of Workers

Mr Tim Lyons Senior Advocate, National Union of Workers

Mr Gary Maas Industrial Officer, National Union of Workers

Employer RepresentativesMr John Carlile Sigma Pharmaceuticals

Mr Christopher Brown CEO, Tourism Transport Forum Australia (TTF)

Mr Jeff Doyle Chief Operating Officer, Adecco Group

Mr Raymond Tanner Consultant, Swire Cold Storage

Mr Ted Eftimiadis Employee Relations Manager, Pacific Brands

Independent DirectorsMr David O’Sullivan Partner, IFS Legal

Mr Tony O’Grady Associate Partner, Corporate Value Associates

Lucrf Super BoArd Your Lucrf Super BoArd

3

55 & Over: Want an income in retirement?

If you’re getting toward the end of your working life, there are plenty of ways we can help.

Joan’s big decision Our April edition of MySuper told the story of Joan Spurway, a recently-retired LUCRF Super member who appeared on the cover of our 2007 Annual Report.

When she retired from work, Joan wanted to convert her super into a retirement income stream. Naturally, getting the most out of it meant choosing the best retirement pension.

Joan spoke with a financial planner, who recommended that she set up a pension with a corporate fund. But as a long-time member of LUCRF Super, Joan wanted to check out the planner’s suggestion with our Member Education Manager, John Panagiotopoulos and her local Business Development Manager, Bradley Meaney, before she acted on it. She’s glad she did.

LUCRF’s Retirement Pension product offered Joan a cost-effective way of converting her accumulated super into

Joan Spurway, LUCRF Pensions member.

an income stream. She also continues to enjoy the benefits of being with LUCRF Super. Joan opted for the LUCRF Retirement Pension.

Choosing LUCRF Pensions over a corporate fund has allowed Joan to save thousands of dollars, instead of paying unnecessary fees and commissions.

Every dollar that Joan has with us continues to work hard for her while she enjoys the security and benefits of a LUCRF Pension. LUCRF Super thanks Joan for her support over many years and wishes her all the very best in her retirement.

Want to know more?

If you or anyone you know is approaching retirement and looking to make the most of their super, contact John on 1300 130 780 and learn how we can maximise your retirement savings.

LUCRF PEnSIonS oFFERS yoU:

3 No entry or transfer fees3 No agent commissions3 Low administration costs* 3 Choice of six different

investment options3 Personal and friendly service * Other fees and charges may apply. See our

Product Disclosure Statement for full details.

I want to keep working...

OPTION 1 – Transition Pension

Salary sacrifice a portion of your •wage directly into your super.

Draw an income from your LUCRF •Pension to cover the gap.

Note: A Transition Pension may also allow you to reduce your taxable income.

OPTION 2 – Transition Pension

Reduce the number of hours you work.•Draw an income from your LUCRF •Pension to cover the gap.

Note: A Transition Pension may also allow you to reduce your taxable income.

OPTION 3 – Keep building up your super

Keep doing what you are doing – build •up your super for when you do retire.

I am ready to retire...

OPTION 1 – Retirement Pension

Convert your super into an income •stream, receiving regular payments direct into your bank account.

OPTION 2 – Lump sum withdrawals

Keep your super in your existing •LUCRF Super account and withdraw money when you need it.

Note: Once you have reached retirement age and are fully-retired, all payments are tax-free if you are over 60!

Please note: Joan’s decision was based on information specific to her own personal financial circumstances and should not be considered as personal financial advice suitable to your own situation.

4

30 year anniversary

1978 –2008

With the major markets falling by around 13% to 21%, LUCRF Super was unable to maintain the results of the past four years.

However, we have worked hard to minimise the adverse impact of the markets. The Balanced investment option was limited to a negative return of 6.49%, which demonstrates the value of our long-term approach to the investment of members’ money.

Whilst the result for this year is disappointing, LUCRF Super’s 3, 5 and 10 year average returns remain strong, at 8.15%, 10.30% and 7.37%, respectively.

On a positive note, we have improved the productivity of the Fund’s administration. In an environment of increasing complexity and expense, these advances will help hold costs down while continuing to meet your needs. In particular, we are committed to maintaining members’ direct contact with staff and expanding access to real-time information about your accounts and investment choices.

Since LUCRF Pensions was added to our range of services, it has been a great

success, with many members taking advantage of the products.

Overall, this has been a year of membership growth and improved member service capacity.

My thanks to all staff, who have worked extremely hard over this difficult year. Thank you to the Board and Committees, who have strongly supported management and staff and provided a clear direction for the Fund. Our appreciation extends to our service providers for their excellent support.

Thank you also to the National Union of Workers, which has worked diligently for the Fund and to the Employers who have supported LUCRF Super during the year.

Finally, thank you to our members for being so supportive and positive about the Fund.

Greg Sword Chief Executive Officer

ceo report to members

1984 –1990




$83,147,041

In 1984 half of Australia was driving Holden Commodores, green and gold became the national colours, Medicare was introduced and ‘Perfect Match’ was launched on TV.

Meanwhile LUCRF Super had been growing strongly. In 1985 the Federal Government supported a productivity claim that would provide a 3% employer contribution to an approved superannuation fund.

In 1986 the FSPU (now the NUW) launched a campaign for oil industry workers to have 3% superannuation. It resulted in a dispute that forced the Government to introduce a petrol rationing system to stop panic buying.

But it also caused the media to enter into the superannuation debate and by 1987 the Occupational Superannuation Standards Act, which reflected the operating principles of LUCRF Super, was introduced.

We pride ourselves on the personal service that we offer you.

Other funds outsource services, but our call centre and administration is completely in-house. All staff are super professionals and have vast experience for you to draw on.

Our team is willing and able to meet you in person to help with any super or retirement questions you may have.

Our Business Development Managers (BDMs) are on the road, talking with members at their workplaces. Our Member Education Manager meets with members that are approaching or have reached retirement age.

If you would like a BDM to visit your workplace or make an appointment with our Member Education Manager, call us today on 1300 130 780.

Free education seminarsSuper and retirement income can be challenging topics to get your head around.

We run regular and FREE educational seminars on superannuation and other related issues. To find out when and where our next seminars are scheduled, visit www.lucrf.com.au or call us on 1300 130 780.

Seminars can be arranged for your workplace at lunchtime or even before and after work. If you feel you and your colleagues would benefit from having a personalised seminar held at your workplace, get in touch and let us know.

Personal & friendly service

2008 has been a challenging year for all super funds.

5

Watch your super and keep in touch

‘I can check my investment balance, contributions history and beneficiaries whenever I like.’Cory Monteau, Merck. LUCRF Super member since 1996.

Two of the quickest and easiest ways you can do this are:

members onlineThe LUCRF Super website allows you to log on to a personalised and secure portal, ‘Members Online’. Here, you can see and do a variety of things, including:

Check your balance•View your transaction history, including •employer payments, salary sacrifice and personal contributions

See which investment option/s you •have chosen

Provide your Tax File Number•Check who you have named as your •beneficiaries

Update your contact details. •

email news – you asked, we deliveredMany members asked us to provide an email news service and we’re proud to have delivered for you.

We know that superannuation is one of those things that you don’t always have much time to think about. Now we can send you a brief email every so often to tell you about things you should know.

By registering for email news, you will be among our first members to hear about:

Changes in government legislation •that may affect you and your super

Opportunities to boost your super, •such as critical dates for the Government Co-contributions scheme

Upcoming Super & Retirement Income •seminars

Year-end LUCRF Super crediting rates •New publications to help you •(those who have already signed up to our emails news got to read this Annual Report a week earlier)

New products and services.•Whether you are an individual member of the Fund or you employ staff who are members, our new email service will make life much easier for you.

Want to register?

Visit www.lucrf.com.au and sign up today!

Whether you will be accessing your super this year or in 40 years’ time, it is vitally important to keep in touch with how your super is performing.

6

30 year anniversary

1978 –2008

1990 –1996Super is a long term investmentIn times like these, it is important to remember that your superannuation is a long-term investment. The low fees charged by industry funds, who don’t pay commissions which eat into your retirement savings, also become more significant in downturns.

market ups and downs are normalHistorically, financial markets go up and down. It is an expected part of the investment cycle and you should not judge your returns by what has happened over the short-term. We all remember the fall-out from September 11, 2001 and

What do falling investment markets mean for your super?

In 1990 Bob Hawke was still PM, Nicole Kidman married Tom Cruise, the VFL became the AFL and Australia went into a recession.

The late 80s had seen a massive growth in the number of Australians receiving a superannuation benefit from their employer and by June 1991 LUCRF Super had over $100 million in funds under management.

However, one-third of private sector employees were still without superannuation. The Hawke Government announced that the Superannuation Guarantee (SG), which would ensure all Australian workers received a minimum 3% employer superannuation contribution, would be introduced the following year in the 1991 Federal Budget.

On 1 July 1992 the Superannuation Guarantee came into effect.




$326,885,004

Low to negative super fund returns caused by falling share markets have made a lot of headlines over the past six to twelve months. Almost all investment sectors have been affected.

its effect on the global economy. But the economy recovered again by 2003. Over the four years from 2004 to 2007, we declared and paid 13.20%*, 14.00%*, 16.60%* and 16.02%*, respectively.

Worldwide financial markets have experienced a significant downturn of around 13% to 21%. Our asset diversity and Income assets assisted LUCRF Super to limit this fall in value. Just as our Growth assets (shares and property) have lifted our returns in past years, our Income assets (fixed interest and cash) have provided stability and some protection from the market decline this financial year.

* Balanced investment option.

What is Lucrf Super’s approach to the future?

Our default Balanced investment option is designed to offer both growth and protection over the long-term. This option mixes Growth assets, such as shares and property, with Income assets such as fixed interest and cash. This approach allows the Fund to capture growth as the markets rise, while providing a measure of stability when the markets are volatile or in decline, as we have experienced during the 2007/08 financial year.

The benefit of this approach can be seen in LUCRF Super’s long-term results. The following table shows the average investment return for the Balanced investment option over the past five years compared to the returns on Cash.

Average Return from 2004-2008

Investment Option

Balanced 10.30%

Cash 4.91%

LUCRF Super has a long-term view of managing the Fund’s investments. This view, together with our ‘Balanced’ approach, will provide the opportunity for securing future growth and security for members’ money.

A

QLUCRF Super manages your money with a strategy of providing long-term growth over your working life, balanced with the need to protect members’ future retirement funds.

7

LUCRF Super’s new homeBetter facilities for members coming soon

LUCRF Super will be moving into its new home late in 2008. Over the past 15 years we’ve been in North Melbourne and the Fund has grown and expanded, providing more sustainable services and facilities for members.

Our new home at Victoria Harbour in Melbourne’s growing Docklands precinct is being built with the intention of significantly reducing our carbon footprint and harnessing world-leading principles of eco-construction and fit-out. It has already achieved an Ecological Sustainable Development (ESD) Award of Merit. For further details go to www.docklands.com

We will also increase our services in our fully functional shopfront, where LUCRF Super members can come in at any time and take care of anything to do with their super and retirement. We have

a number of meeting rooms designed exclusively for members to meet with our Member Education Manager or Business Development Managers for one-on-one sessions to talk about maximising their super and other retirement needs.

Our FREE education seminars will continue to be held in-house, offering members a wide range of information sessions to ensure that they are well-informed about changes to the superannuation environment and retirement planning.

LUCRF Super’s staff are all very dedicated professionals and highly-committed to providing members with the best services and performance.

The new building will be officially opened late in 2008 and will accelerate the growth of LUCRF Super’s member services and benefits.

responsibly investedLUCRF Super strongly believes that for a fund to be truly ethical and responsible, its commitment must be broadly applied to all investment products and practices, rather than offering a fashionable boutique investment option that is somehow more acceptable than others.

It is for exactly this reason that LUCRF Super has signed the United Nations’ Principles for Responsible Investment (UNPRI), joining other global investors with funds under management of over $13 trillion.

Signing these principles publicly highlights our ongoing commitment to the promotion of more sustainable markets and long-term investments, using environmental, social and corporate governance (ESG) issues to improve investment practices. These principles form the basis of all investment decisions that the Fund makes on behalf of our members.

Want to know more?

For further information on the UNPRI, visit www.unpri.org

‘LUCRF Super signing the UNPRI makes me very proud to be a member.’Linda Johnston, Shock Records. LUCRF Super member since 2000.

8

30 year anniversary

1978 –2008

In 1996 Dolly the sheep was cloned, we celebrated the 40th anniversary of television in Australia and welcomed the hit TV series ‘Friends’.

By June 1996, Australian superannuation fund assets had reached $245.3 billion. But it was becoming increasingly clear that the 3% and 4% employer contribution rates of previous years wouldn’t provide most Australians with the money they’d need to lead a comfortable lifestyle in retirement.

On 1 July 1997 the minimum employer super contribution rate was increased to 6%. In 1999 it was increased to 7% and then to 8% in 2001.

By 2000, compulsory superannuation had been in place for 8 years and some LUCRF Super members had been with our Fund for 22 years. To provide our members with greater control of their super savings, we introduced two new investment options, making three for them to choose from.

1996 –2002

Low fees, run only to profit membersLUCRF Super was created in December 1978, based on the belief that everyday workers should have the chance to build up a decent retirement nest egg.

We believed that all workers deserved a retirement savings scheme that was run only to profit members and would benefit everyone.

You’ve probably seen the TV and newspaper ads that highlight the benefits (low fees, no commissions, run only to profit members) of being with LUCRF Super.

Your industry fund, LUCRF Super, was the first in Australia and laid the foundation for superannuation as we know it today.

Recent research suggests that you may need to contribute around 15% of your annual income into superannuation to enjoy a comfortable retirement. With most employers contributing 9% for you, it does leave a gap. But there are many ways that you can fill this gap.

What is a personal contribution?Personal contributions are any voluntary payments which you make directly into your super account using your after-tax income (they are also known as ‘non-concessional contributions’).

A contribution might come straight out of your pay, or you may have some savings that you’d like to add to your super.

If you earn less than $60,342 p.a. and make a personal contribution to your super, you may be eligible for the Government Co-contribution.

What are Government co-contributions?The Federal Government wants to give you a hand in building your super.

If you make a personal contribution into your super account, you may be eligible to receive a payment from the Government of up to $1500 per financial year paid directly into your super account.

To learn more, read our Personal Contributions brochure or call us on 1300 130 780.

What is Salary Sacrifice?Salary sacrifice simply means having an arrangement with your employer to pay part of your gross pay directly into your super account – a before-tax or ‘concessional’ contribution.

By salary sacrificing, you can increase your retirement savings while reducing your taxable income. This can help grow your super and reduce your income tax.

To learn more, read our Salary Sacrifice brochure or call us on 1300 130 780.

Three ways to grow your superThe more you reduce your gross taxable income below $60,342 p.a. (which can be done by salary sacrificing), the more the Government may co-contribute into your super (up to $1500) for every extra dollar that you contribute after-tax.

You will be growing your super in three extra ways

1 Salary Sacrifice

2 Personal Contributions

3 Government Co-contributions (if eligible)

To learn how any of these options may help you, or if you would like a LUCRF Super staff member to visit your workplace, call us on 1300 130 780.

consolidate your superYou wouldn’t pay two or three times more than you had to for your groceries – it’s the same with super. So why pay more than one super fund to look after your retirement nest-egg?

It may not seem like much, but if you pay around $600 a year in super fees and insurance premiums over a working life, it can add up to a lot of money.

every little bit countsLike most people, you probably worry about whether you’ll be able to afford the lifestyle you want in retirement.




$940,010,224

9

Investment Option performance

LUCRF Super Industry Fund and Personal Plan (Accumulation) – Monthly Declared Rates 2007/08

MONTH Balanced Cash Aust. Fixed Interest Property Indexed

SharesAustralian

SharesInternational

Shares

July 2007 -0.90% 0.41% 0.45% -4.09% -2.42% -1.92% -2.92%

Aug 2007 1.49% 0.44% 0.71% 7.07% 3.41% 2.05% 4.77%

Sep 2007 1.94% 0.35% -0.13% 2.04% 0.75% 5.02% -3.34%

Oct 2007 1.81% 0.40% -0.01% -0.45% 0.26% 2.48% -1.92%

Nov 2007 -0.48% 0.42% 0.11% -5.81% -1.07% -2.67% 0.55%

Dec 2007 -0.90% 0.48% -0.04% -6.06% -1.45% -2.41% -0.49%

Jan 2008 -5.07% 0.51% 0.98% -12.78% -9.05% -9.99% -8.11%

Feb 2008 -1.17% 0.19% -0.68% -5.05% -2.66% -0.58% -4.69%

Mar 2008 -1.21% 0.68% 1.33% 0.02% -0.84% -3.01% 1.38%

Apr 2008 2.49% 0.45%Option Closed 1 April 2008

3.54% 2.81% 2.59% 2.60%

May 2008 0.50% 0.48% -8.01% 0.93% 4.89% 0.26%

June 2008 -4.85% 0.47% -10.38% -7.36% -8.28% -8.53%

Year 2007/08 -6.49% 5.43% 4.19%* -34.73% -16.14% -12.35% -19.40%

LUCRF Pensions – Monthly Declared Rates 2007/08

MONTH Balanced Cash Aust. Fixed Interest Property Indexed

SharesAustralian

SharesInternational

Shares

July 2007 -0.97% 0.52% 0.61% -4.08% -2.59% -2.00% -3.17%

Aug 2007 1.75% 0.51% 0.79% 7.55% 3.82% 2.52% 5.34%

Sep 2007 2.72% 0.44% -0.12% 2.29% 0.86% 5.62% -3.68%

Oct 2007 1.69% 0.49% 0.01% -0.48% 0.31% 2.79% -2.11%

Nov 2007 -0.49% 0.52% 0.14% -6.41% -1.16% -2.94% 0.64%

Dec 2007 -0.97% 0.59% -0.02% -6.70% -1.58% -2.64% -0.52%

Jan 2008 -5.72% 0.63% 1.12% -14.07% -9.98% -11.02% -8.94%

Feb 2008 -1.28% 0.25% -0.73% -5.57% -2.92% -0.62% -5.17%

Mar 2008 -1.40% 0.80% 1.50% -0.01% -0.91% -3.32% 1.55%

Apr 2008 2.92% 0.55%Option Closed 1 April 2008

4.06% 3.18% 3.40% 2.97%

May 2008 0.72% 0.62% -8.82% 1.07% 5.77% 0.41%

June 2008 -4.94% 0.57% -11.44% -7.76% -9.02% -8.95%

Year 2007/08 -6.20% 6.67% 5.14%* -37.49% -17.10% -12.33% -20.52%

Note: There is a difference between returns for Accumulation and Pension accounts, as they operate under different taxation legislation.

* The Australian Fixed Interest option closed on 1 April 2008. Any member who did not notify a change of investment option was automatically invested in the Cash option. The Cash rates for April, May and June 2008 have been applied to calculate the annual figure for Australian Fixed Interest.

Keith Van Der Made, Henkel Australia. LUCRF Super member since 2000.

10

30 year anniversary

1978 –2008

In 2002 Australia fell in love with ‘Kath & Kim’ and was rocked by the Bali bombing. That year, the minimum SG contribution rate was raised to its current 9%.

By June 2002, LUCRF Super was caring for over $1 billion of superannuation on behalf of Australian workers and total Australian superannuation fund assets had reached $518.1 billion.

To give our members further control over their superannuation, LUCRF Super expanded to seven investment options in 2005. Then in 2007 LUCRF Pensions were introduced, so that members could continue to benefit from our low fees, competitive returns and our ‘run only to profit members’ policy throughout their retirement.

2007 also saw the Fund sign the United Nations’ Principles for Responsible Investment, cementing our commitment to ethical and responsible investing.

2007/08 economic commentaryPrepared by Watson Wyatt, LUCRF Super’s asset allocation consultant since 2005, who have a strong history as the oldest actuarial company in the world, dating back to 1878.

In Australia this financial year, we saw:

Solid economic growth, moderating •towards the end of the financial year

Weak performance from Australian •share markets, following the US sub-prime crisis

Four interest rate rises by the Reserve •Bank of Australia (RBA), aimed at curbing inflation.

Australia and the global economyA year on from the collapse of the securitised sub-prime lending market in the USA, the Australian economy has faltered. The state of the international economy is divided, with reductions in economic growth experienced in developed countries including the USA, the UK and Europe and growth seen in developing countries like China and Russia. Global inflation rates have picked up, due to sharp rises in petrol, energy and food prices.

Australian sharesThe Australian share market recorded one of its weakest performances in recent years, shedding 13.7% in value as measured by the S&P/ASX300 Accumulation Index for the year to 30 June 2008, despite continued strong corporate earnings growth from the resource sector. Investment options with large investments in the Australian share market (such as LUCRF Super’s Balanced, Australian Shares and Indexed Shares options) were adversely affected by the negative returns from these investments.

international sharesThe performance of the global share market was generally very weak, negatively impacting the performance of LUCRF Super’s Balanced, International Shares and Indexed Shares options. The negative impact of global banking institutions significantly writing down securitised loans has been partly offset by the rise of the Australian dollar against many foreign currencies (for

hedged international investments). The MSCI World (ex-Australia) Index in Australian dollars (unhedged) returned -21.3% for the year, while the equivalent return for hedged international shares was -13.7%.

propertyThe Australian listed property market suffered severe losses throughout the year, negatively influencing investments in this sector. Excessive borrowing and a collapse in the credit market led to many asset write-downs and earnings downgrades. The S&P/ASX 300 Property Accumulation Index returned -37.7%.

cash and fixed interestThe Australian fixed interest market delivered a solid performance relative to equities, despite multiple interest rate rises favouring shorter-term cash investments. This provided strong defensive returns to those invested mainly in cash, such as the LUCRF Super’s Cash option. The Australian 90 Day Bank Bill Index returned 7.4% and the UBSA Composite Bond Index (All Maturities) returned 4.4% for the financial year. International fixed interest markets outperformed the Australian fixed interest market, with the Lehman Brothers Global Aggregate Index (hedged to Australian dollars) returning 7.9% for the year.

Looking forwardContinued volatility and uncertainty, including the further flow-on effects of the US sub-prime crisis, are likely to persist in the near future. Although the domestic economy has held up relatively well in challenging times, rising fuel costs, interest rate rises and tightening financial conditions are expected to lead to further moderation in Australian growth rates. Combined with the current mixed economic conditions being experienced overseas, this may result in continued volatility in investment returns in the short-term.

Note: This investment commentary does not constitute advice.

2002 –2008

$2,418,633,000

Now in 2008 LUCRF Super has:Total Assets


Find out more on the next page

11

30 year anniversary

The story of Australia’s first industry super fundToday, many of us take our super for granted. We see it as a basic right of employment and don’t realise that just 30 years ago everyday workers like us weren’t entitled to superannuation as we now know it.

Before 1978, the average Australian worker wasn’t entitled to superannuation – it was generally an exclusively white-collar benefit, which meant that everyday people were forced to rely solely on the Age Pension when they retired.

Those workers who were lucky enough to have some sort of retirement benefit didn’t enjoy the same flexibility and rights that we do today. The arrangements were at the discretion of their employer, which often meant that if an employee left their employer, or lost their job, they lost all of their employer contributions.

establishing Lucrf Super – the first industry fund

In 1978, Greg Sword (now LUCRF Super’s CEO), was a young Organiser with the Federated Storeman and Packers Union (FSPU – now the National Union of Workers). Back then, Greg put a claim to the Skin and Hide Industry employers in Victoria.

‘The claim we put was that the company should allow the employees to join the Union fund and make a contribution, or at least have the choice to be in the company fund or the Union fund,’ explained Greg.

The employers accepted the claim and in a matter of months, the FSPU created the Labour Union Co-operative Retirement Fund (LUCRF Super).

Growth through struggle

At the end of 1978, the FSPU sought to widen its superannuation campaign, with a claim on the Victorian Wholesale Grocery Warehouses sector. As with the Skin and Hide industry, the Union wanted workers to have the right to choose where their superannuation contributions were paid.

At the time, the claim challenged the very basis of the system. Some saw the push for union control of superannuation as ‘a back-door to socialism’ and there were real fears about the flow-on effects to the Australian economy.

Woolworths (Safeway in Victoria) rejected the Union’s claim and in March 1979, following months of stalled negotiations, 180 FSPU members voted to strike. Safeway’s Victorian warehousing and distribution operations were paralysed and supermarket stocks began to run low.

‘That one dispute… really kicked off the whole public debate about superannuation,’ said Greg. At the time it rose to the top of the industrial agenda and many people began to recognise that the LUCRF model was the future of superannuation.

The role of the AcTu in the push for award superannuation

In the early 1980s, an agreement between the ALP and the ACTU – known as ‘The Accord’ – saw unions agree to limit wage claims in returns for social wage increases in areas like health care and superannuation. In September 1985, as part of Accord Mark II, the Government supported a productivity claim that would provide a 3% employer superannuation contribution to an approved superannuation fund.

Meanwhile, the FSPU was continuing its superannuation campaign. In July 1986, talks between the FSPU and oil industry employers broke down. FSPU pickets at oil terminals and installations stopped deliveries to retail outlets and over 600 workers walked off the job. Within days, Victoria’s petrol supplies started to dry up and the State Government was forced to introduce a rationing system to stop panic buying.

‘The oil dispute… threw a spotlight on the issue for the general public about why only white-collar people were getting superannuation. Why weren’t blue-collar workers getting their share?’ said current NUW National Secretary, Charlie Donnelly.

The introduction of new operating and prudential standards followed in December 1987, with the Occupational Superannuation Standards Act. This Act reflected the principles that the FSPU had outlined almost a decade earlier, including:

1212

30 year anniversary

1978 –2008

30 years ago, LUCRF Super was born. In the 3 decades since, LUCRF Super has:

1978

now 174,241 members in Australia’s first industry fund

created the template for industry super as we know it

Won multiple industry awards

Signed the united nations’ principles for responsible

investment (unpri)

Looked after 14,117 employers across all industries and made

super administration simple and easy to understand

portability of employer and employee •contributions and earnings;

the preservation of superannuation •benefits until age 55;

greater member involvement and •control of super funds, through equal Board representation; and

significantly increased reporting •requirements, to better secure member benefits.

The unions had succeeded in reinventing the Australian superannuation system.

The introduction of the Superannuation Guarantee

In the four years following the introduction of award superannuation, coverage almost doubled. But by 1991, one-third of private sector employees remained uncovered and the 3% award was deemed too small to provide real improvement for anyone but the highest-paid workers.

The Hawke Government decided to legislate for a prescribed level of superannuation for all employees. In the 1991 Federal Budget, it announced that a new system, to be known as the Superannuation Guarantee (SG), would be introduced the following year.

‘We could never have achieved this if we’d just made simple arguments about why it was unfair. We needed significant disputes to actually get the momentum going… and to give the Hawke/Keating Government the courage to see that these changes were already taking place slowly in the workforce, that it was good public policy and give them the confidence to make the sort of changes that they made,’ said Charlie Donnelly.

The Lucrf legacy

When the FSPU established LUCRF Super as Australia’s first true industry super fund in 1978, the lasting significance of its actions could not be known. Thirty years later, the Union’s ideology and vision have provided the foundation for the modern-day superannuation system.

Today, LUCRF Super has grown to more than 174,000 members and over $2.4 billion in funds under management. Financial independence and security in retirement, once a reward enjoyed by a lucky few, has become a reality for thousands of ordinary Australians.

This is the LUCRF legacy.

Achieved an average annual declared rate of 11.01%

(Balanced investment option)

200813

investment options at 30 June 2008Cash Australian Fixed

Interest Property

Investment strategy To invest in a diversified portfolio of cash and highly rated fixed and floating-rate securities.

To invest totally in domestic fixed interest securities on a passive basis.

Option closed 1 April 2008.

To invest totally in listed property trusts on a passive basis.

Investment objective To achieve a return (gross of tax and investment expenses) that is equal to the UBS Australian Bank Bill Index.

To achieve a return (gross of tax and investment expenses) that at least equals the change in the UBS Australian Composite Bond Index over moving 3-year periods.

To achieve a return (gross of tax and investment expenses) that equals the change in the S&P/ASX 300 Property Trusts Index over moving 3-year periods.

Asset allocation

Bank, corporate and asset-backed securities

Fixed Interest Property

Risk of short-term negative return

Very LowThe return obtained each year will be reasonably stable. The chance of a negative return in any one year is very low.

ModerateThe return obtained each year will fluctuate and will be negative from time to time. There is a moderate chance that the return in any one year will be negative.


Investment Fee#

from 1/4/08 0.08% Closed 1/4/08 0.33%

1/7/07 to 31/3/08 0.20% 0.20% 0.25%

Crediting Rates2007/08 5.43% 4.19%** -34.73%

2006/07 4.95% 3.17% 24.87%

2005/06 4.48% 2.82% 10.99%

2004/05 5.00% refer below* refer below*

2003/04 4.70% refer below* refer below*

5 year average 4.91% 3.39%* (3 year average) -3.29%* (3 year average)

Past performance is not an indicator of future investment returns.

Average rate for Balanced option since inception: 11.01%.

s This is the investment option that most members are in and the option to which your super investment automatically defaults, unless you instruct otherwise.

# The Investment Fee is a measure of the fees deducted from investments. These fees include the cost of the Fund’s investment managers, custodian and investment advisor and certain other costs of the Fund. The Investment Fee is the total of these costs, divided by the net asset value of the Fund. These fees are deducted directly from the investment earnings before they are allocated to your account. They are therefore not deducted from your account directly.

Option closed 1 April 2008

14

Balanceds (default) Indexed Shares Australian Shares International Shares

To invest in a diversified range of investments, with the majority (approximately 80%) in shares, property and alternative investments.

To invest totally in shares on a passive basis, with approximately 50% in Australian shares and 50% in international shares.

To invest totally in Australian shares on an actively managed basis.

To invest totally in International shares on an actively managed basis.

To achieve a return (net of tax and investment expenses) that exceeds the increase in the CPI by at least 4% p.a. over moving 3 to 5-year periods. To limit the probability of achieving a negative return over moving 1-year periods to approximately 1 year in 5.

To achieve a return (gross of tax and investment expenses) that matches the change in a 50%/50% combination of the S&P/ASX300 Accumulation Index and the MSCI World (ex-Australia) Accumulation Index over moving 3-year periods.

To achieve a return (gross of tax and investment expenses) that equals the change in the S&P/ASX300 Accumulation Index over moving 3-year periods.

To achieve a return (gross of tax and investment expenses) that equals the change in the MSCI World (ex-Australia) Accumulation Index over moving 3-year periods.

Australian Shares International Shares Private Equity Liquid Alternatives Property Fixed Interest Cash

Australian Shares International Shares

Australian Shares International Shares


HighThe return obtained each year will fluctuate significantly and will be negative from time to time. There is a high chance that the return in any one year will be negative.



0.63%† 0.33% 0.57% 0.61%

0.58%† 0.25% 0.25% 0.25%

-6.49% -16.14% -12.35% -19.40%

16.02% 16.43% 26.79% 6.91%

16.60% 18.80% 18.89% 14.49%

14.00% 12.85% refer below* refer below*

13.20% 16.40% refer below* refer below*

10.30% 8.79% 9.73%* (3 year average) -0.45%* (3 year average)

† Balanced option – Investment Fee: 1/7/2007 to 30/9/2007 was 0.58%; from 1/10/2007, it is 0.63%.

* Please note: The International Shares, Australian Shares, Property and Australian Fixed Interest options were introduced on 22 July 2005. Therefore, we have only provided average rates since that date. Only crediting rates for 2005/06, 2006/07 and 2007/08 are available for these options.

** The Australian Fixed Interest option closed on 1/4/2008. The Cash option rates for April, May and June 2008 have been applied to calculate the annual figure for Australian Fixed Interest.

15

how Lucrf Super protects your money

enquiries and complaintsEnquiries and complaints can be made in writing or verbally. Should you wish to make a complaint in writing, please address correspondence to:

Complaints Officer, LUCRF Super PO Box 211, North Melbourne VIC 3051

Complaints can be made by a Fund member, a previous member, a non-member spouse (re: Family Law split agreement) or from a dependant (beneficiary/s) or legal representative of a deceased member. Responses from the Fund will be dealt with promptly and certainly within 90 days as required by Government Regulation.

If you are not satisfied with our response or handling of a complaint, you may be entitled to lodge a complaint with the Superannuation Complaints Tribunal (SCT) on 1300 780 808 (and ask for the SCT). The SCT is an independent Government body to assist members and beneficiary/s with certain types of complaints with Fund Trustees.

Government supervisionLUCRF Pty Ltd is the Trustee of the Labour Union Co-operative Retirement Fund (LUCRF Super) and complies with the requirements of the Superannuation Industry (Supervision) Act 1993, the Corporations Act 2001 and other relevant legislation.

The Australian Prudential Regulation Authority (APRA) has approved LUCRF Pty Ltd as the holder of a Registrable Superannuation Entity Licence (L0002981) and LUCRF Super as a Registrable Superannuation Entity (R1067521).

An Australian Financial Services Licence was also granted to LUCRF Super (AFSL No. 258481) by the Australian Securities Investment Commission (ASIC) which enables general superannuation advice to be provided. The Trustee completes statutory returns to APRA and ASIC annually.

identity fraud – it’s your super, protect itYou may have heard of identity fraud. It is when someone steals (or tricks you into providing) your personal details to commit financial fraud. While this seems to mainly occur with bank accounts (where certain undesirable people will use your personal details to access your accounts via phone, internet or writing bad cheques), your super could also be a target. If you receive calls or emails requesting your personal details, please be aware that responding to this could leave you open to fraud. You should never provide your personal details to anyone.

You can visit the ASIC FIDO website at www.fido.gov.au for useful superannuation information and exposed super scam updates.

Anti-money Laundering and counter Terrorism financingAs part of LUCRF Super’s compliance with the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML & CTF Act), our Trustee has increased the levels of control and monitoring it performs to meet its compliance obligations under this legislation.

The purpose of the AML & CTF Act is the regulation of financial services and transactions in a way that will prevent money laundering and terrorism financing. Due to this:

The Trustee may need to obtain •additional information when you make a withdrawal from your account and

In limited circumstances, the Trustee •may be required to re-verify your identity.

You should also be aware that under the legislation, the Trustee is required to disclose information about suspicious transactions to the regulator or law enforcement agencies. The legislation prevents the Trustee from informing you when any such reporting has taken place.

reserves policyThe Trustee maintains reserves for three separate and specific purposes.

Trustee Reserve – The Trustee Reserve is the difference between the fees charged to members and the administration and investment expenses incurred in the management of the Fund. This reserve is maintained to supplement funds required to meet future Trustee expenses.

Fund Administration Reserve – The Fund Administration Reserve represents the after-tax value of any insurance rebate received and the tax benefit received in the payment of insurance premiums. Both are credited to the Fund Administration Reserve. This reserve is maintained to meet additional significant business expenses of LUCRF Super.

Fund Operational Risk Reserve – The Fund Operational Risk Reserve is the excess between Fund earnings and weekly declared rates (rounded to two decimal places). This reserve is maintained to meet unfunded liabilities that may arise during the administration and operation of the Fund. The level of reserve will not exceed 0.50% of the Fund’s assets.

Surcharge liabilitiesAny surcharge liabilities notified by the ATO are deducted from relevant member accounts.

Annual return policyReturns are calculated each week, based on the total investment earnings of each option. LUCRF Super typically sets final weekly declared rates on each Thursday for the preceding Tuesday. LUCRF Super also sets the declared monthly rates by the fifth working day of the following month. These rates are used to calculate the declared rates that are credited to your LUCRF Super account at the end of financial year (30 June), based on your daily account balance during that year.

LUCRF Super was established on 19 December 1978 and is governed by the Trustee of the Fund, LUCRF Pty Ltd. The Trustee acts in the best interests of all members and obtains professional independent advice to assist in achieving the Fund’s objectives. We operate under both Superannuation and Company Law. These rules and procedures are there to protect your interests.

16

The declared rates for a particular year will depend on your investment option and the performance of investment markets over the course of that year and also whether you were invested in that option for the full twelve-month period.

Rollover and Other Benefit payments made during a yearEffective from 1 February 2008, where members request rollovers to other superannuation funds, full or partial benefit payments, Departing Australia Superannuation Payments (DASP), Death and Total & Permanent Disablement and Under $200 releases, they will receive the latest weekly declared rate (post date of receipt of the benefit payment request) and then the net cash rate* to the date of payment.

Compassionate and Financial Hardship payments made during a yearEffective from 1 February 2008, payments for Compassionate Grounds (APRA approved) or Severe Financial Hardship will receive the most recent declared rate and then the net cash rate* until the date of payment.

The declared rate is the net return (after the deduction of tax on earnings investment management fees and member protection costs). The Fund calculates interest daily and declares rates on a monthly basis. LUCRF Super allocates interest to member accounts annually on 30 June each year. Interim declared rates are calculated during a financial year in situations such as switching investment options and exiting the Fund.* The net cash rate is the after-tax rate

determined by LUCRF Super.

derivativesThe Trustee has authorised the use of forward foreign exchange contracts to partially hedge the Fund’s international investments. Futures and options may also be used to manage the Fund’s investment portfolio. Derivatives are used to control risk and are not used to leverage the Fund or to speculate.

investmentsAt 30 June 2008, the following investments exceed 5% of the Fund total assets:

PIMCO Global Real Return Fund 5.78%•QIC Australian Fixed Interest Fund 6.94%•Macquarie True Index Cash Fund 5.99%.•

related-party transactionsLabour Union Insurance Brokers Pty Ltd which is owned by the NUW, arranged certain insurance policies on behalf of LUCRF Pty Ltd.

contributions arrears – what we doLegislation requires employers to pay contributions by certain due dates. When an employer fails to do this (once aware), the Fund endeavours to resolve these situations within a reasonable period. The Fund identifies and follows-up overdue contributions in writing (letter and email), via phone calls and also site visits to advise employers of arrears.

indemnity insuranceThe Fund has taken out insurance with QBE to indemnify the Directors and legally responsible officers from loss resulting from any claim or wrongful act by the Trustee or any other party. The Directors are not indemnified against penalties of fines imposed by law as a result of negligence or dishonest conduct.

Transfer of benefits to an eligible rollover fund (erf)If no contributions have been received by LUCRF Super for over 12 months and a member account is below $500, the Trustee may elect to roll over the benefit to an ERF.

An ERF is a fund that can receive benefits from other superannuation funds for members who cannot be contacted or who do not respond to letters regarding payment of their benefits. If a benefit is transferred to an ERF, any insurance cover will cease and all rights of membership of LUCRF Super cease.

The ERF nominated by the Trustee is called Australia’s Unclaimed Super Fund (‘AUSfund’). If you need to contact AUSfund, call 1300 361 798 or write to:

AUSfund PO Box 2468 Kent Town SA 5071

www.unclaimedsuper.com.au

Appointment to the BoardThe procedure for appointing Directors is set out in the Fund’s Trust Deed and Rules. The General Secretary of the National Union of Workers nominates member representatives in writing. Employer representatives and Independent Directors are appointed on the recommendations of nominating committees.

committees The Board has appointed four committees that advise it.

Members of each Board Committee at 30 June 2008 are:Compliance and Audit Committee

Greg Sword, John Carlile, Tim Kennedy, Tim Lyons, David O’Sullivan

Membership Services Committee

Greg Sword, John Carlile, Charlie Donnelly, Tim Lyons, Raymond Tanner, Chris Brown, Jeff Doyle

Investment Committee

Greg Sword, John Carlile, Tim Kennedy, Antony Thow, Raymond Tanner

Management Committee

Greg Sword, John Carlile, Charlie Donnelly, Gary Maas, Ted Eftimiadis, Tony O’Grady

List of key LUCRF Super service providers (effective 30 June 2008)

Investment Managers:Alliance Bernstein Australia LimitedApostle Loomis SaylesBell Asset Management (Advisor)Bridgewater AssociatesChallenger Managed InvestmentsKarara Capital LimitedLazard Asset ManagementMacquarie Global & Macquarie True Index Cash FundMorgan StanleyPIMCO AustraliaPinnacle Property Group (Advisor)Queensland Investment Corporation (QIC)Schroder Investment Management Australia LtdSovereign Research Pty Ltd (Advisor)Vanguard Investments AustraliaVianova Asset Management Pty LtdAuditor: PricewaterhouseCoopers

Bankers: Commonwealth Bank of Australia, JP Morgan Chase Bank

Custodian: JP Morgan Chase Bank

Legal Advisors: DLA Phillips Fox, Ryan Carlisle Thomas Lawyers

Group Insurer: ING Life Limited

Tax Advisor: Ernst & Young

Asset Allocation Consultant: Watson Wyatt

17

Financial StatementsStatement of Financial Position as at 30 June

2008 2007

$’000 $’000 $’000 $’000

Investments

Money Market Deposits and Other Investments $107,297 $152,967

Fixed Interest $55,093 $70,324

Australian Equities $1,153,339 $1,174,075

International Equities $814,966 $863,237

Derivatives ($69) $1,675

Real Estate Investments $252,079 $2,382,705 $153,098 $2,415,376

Other Assets

Cash at Bank $5,643 $5,890

Contributions Receivable $15,000 $15,000

Sundry Receivable $211 $41

Accrued Income $7,779 $7,272

Outstanding (Sales) Settlements $7,295 $4,130

Fixed Assets $0 $35,928 $231 $32,564

Total Assets $2,418,633 $2,447,940

Less

Income Tax Payable ($13,485) ($24,827)

Benefits Payable ($7,005) ($7,022)

Outstanding (Purchases) Settlements ($22,918) ($5,049)

Sundry Payables ($3,355) ($3,756)

Provision for Deferred Income Tax ($7,431) ($54,194) ($43,031) ($83,685)

Net Assets Available to Pay Benefits $2,364,439 $2,364,255

Represented by: Liability for Accrued Benefits

Allocated to Members Accounts $2,349,202 $2,351,502

Investment Reserve $0 $192

Admin Guarantee Reserve (APRA) $500 $500

Expense Reserve $14,737 $2,364,439 $12,061 $2,364,255

Claire Stewart. LUCRF Super member since 2005.

18

Statement of Change in Net Assets for the Year Ended 30 June

2008 2007

$’000 $’000 $’000 $’000

Net Assets available to Pay Benefits at Start of Year $2,364,255 $1,860,604

Interest Income $10,448 $10,246

Dividend Income $107,648 $77,827

Net Property Income $1,240 $1,847

Change in Market Value ($285,258) $262,932

Other Investment Income $2,172 ($163,750) $348 $353,200

Contribution Revenue

Employer Contributions $225,600 $200,524

Member Contributions $27,549 $38,493

Transfer from Other Funds and Co-Contributions $102,616 $355,765 $101,187 $340,204

Other Revenue

Other Revenue $547 $461

Opening Net Assets Plus Revenue $2,556,817 $2,554,469

Less Expenses & Outgoings

Benefits paid and Payable ($142,030) ($101,681)

Group Life Premiums ($11,627) ($9,376)

Superannuation Surcharge Tax ($178) ($425)

Administration Expenses ($12,670) ($10,995)

Direct Investment Expenses ($17,303) ($11,014)

Income Tax Expenses ($8,570) ($192,378) ($56,723) ($190,214)

Net Assets Available to Pay Benefits at End of Year $2,364,439 $2,364,255

Reconciliation of Interest Paid to Member Accounts for the Year Ended 30 June

2008 $’000

2007 $’000

2006 $’000

Revenue

Investment Revenue ($152,665) $353,200 $278,569

Other Income $6 $461 $449

Tax Benefit on Administration & Investment Expenses $6,298 $6,706 $0

Insurance Rebate $541 $579 $0

Administration Fee Collected $11,286 $11,266 $11,802

($134,534) $372,212 $290,820

Outgoings

Administration Expenses ($12,670) ($10,995) ($14,909)

Member Benefit Protection ($3,119) ($764) ($2,909)

Direct Investment Expenses ($17,303) ($11,014) ($6,197)

Tax Credit (Payable) out of Investment Income $6,970 ($33,861) ($18,970)

Movement from (to) Reserves ($2,858) ($7,789) $3,488

Total Paid as Interest to Members ($163,514) $307,789 $251,323

At the time of printing, the 2008 Financial Statements are unaudited. The 2007 comparative figures have been restated where appropriate to provide consistent disclosure. If you wish to obtain a copy of the auditor’s report and full audited accounts, please contact us after 31 October 2008.

19

LUCRF

2806

5 07

/08

This Annual Report dated August 2008 is issued by LUCRF Pty Ltd ABN 18 005 502 090 AFSL 258481 RSE Licence L0002981 as Trustee for the Labour Union Co-operative Retirement Fund (LUCRF Super) ABN 26 382 680 883 RSE Reg. R1067521. The information contained in this report is general in nature only and should be read in conjunction with your Annual Statement. It does not take into account your financial situation, objectives or needs, so you should look at your own financial position and requirements before making a decision. Should you require advice that addresses your personal circumstances, it is recommended you contact a person who is authorised to provide personal financial product advice. For more information on LUCRF Super, call 1300 130 780 or access our website www.lucrf.com.au for a copy of our combined Product Disclosure Statement (PDS) and Financial Services Guide (FSG), which should be considered before making a decision about the Fund.

Reliable Respected Reputable

Get a fairer deal on all your insurance.Finding the right insurance at the right price can be a stressful and time-consuming experience. At LUI, we are able to provide competitive quotes on all your general insurance needs:� Domestic� Commercial� Specialising in Wage ProtectionPlus much more

Call LUI today on 1300 768 118 www.luib.com.auLabour Union Insurance (Brokers) Pty Ltd ABN:84 005 704 503 AFSLN: 239147 205 Thomas Street (PO Box 7146) Dandenong 3175

Phone 1300 130 780Fax (03) 9326 6907Web www.lucrf.com.auEmail [email protected] Post PO Box 211 North Melbourne VIC 3051

Victoria Level 1 552 Victoria Street North Melbourne VIC 3051 Tel. (03) 9320 5300

NSW Level 1, 3-5 Bridge Street Granville NSW 2142

Queensland 17 Cribb Street Milton QLD 4064

South Australia 46 Greenhill Road Wayville SA 5034

Tasmania 83 Frankland Street Launceston TAS 7250

Office Locations (please use Postal Address for all correspondence)

*Discount is current as at 20 July 2008 and is subject to change against the Members Equity Home Loan standard variable rate. Applications are subject to credit approval. Fees and charges apply. Terms and conditions available on request. Members Equity Bank Pty Ltd ABN 56 070 887 679. www.membersequitybank.com.au 99114/0708

LUCRF Super member = Home loan discount

Whether you’re looking for a new home loan or refi nancing, call Members Equity Bank today on 1300 654 997 to fi nd out how much you can save.

• No application fee• No monthly fees• No fees to redraw, split, fi x or

top up your loan

• 0.35% p.a. discount* just for beinga LUCRF Super member

• Borrow up to 95% of home value• On-call mobile lenders

Documents

2007/08 Annual Report