Industry Super Fund Creates Community Partnership Trust
9 November 2010 at 10:56 am
Australia’s first industry super fund, LUCRF Super, has created another 'first' by establishing the LUCRF Community Partnership Trust as a means of giving back to the community – an initiative that has overcome a number of challenges pointed out by the finance regulator, APRA.
The Trust was officially launched by the Victorian Treasurer and Minister for Financial Services, John Lenders at Federation Square and was attended by over 150 guests representing the finance and superannuation industries, philanthropic and Not for Profit sectors, as well as business leaders.
|New Trustees – Former Labor Premier John Cain, and Sister Leone Wittmack, Group Mission Leader at St Vincents Health Australia at the LUCRF Super Launch|
Three Not for Profits were also named as the inaugural grant recipients as part of the launch:
- Doxa Youth Foundation
- Sister Francesca Healy Cottage, and
- Youth Projects Limited.
CEO of LUCRF Super, Greg Sword, said that the Community Partnership Trust serves as a unique opportunity for LUCRF to engage with the communities in which its members work and live, where it hope to make a real difference in people’s lives. LUCRF Super was formally established in December 1978 by the Storeman and Packers Union (now the National Union of Workers) to provide retirement benefits for members of the Union and working people generally.
Sword, who is a former President of the ALP, told Pro Bono Australia News that creating the Community Partnership Trust had not been easy because the concept had a number of challenges however he described the LUCRF Board as courageous in its determination to proceed.
He says despite the regulator's initial reluctance under the 'sole purpose' test, APRA worked with the Super fund to provide guidance. APRA (the Australian Prudential Regulation Authority) is the prudential regulator of banks, insurance companies and superannuation funds, credit unions, building societies and friendly societies.
Sword says the Trust has been set up with funds from LUCRF's marketing budget as part of brand building and member retention.
The Board of Trustees for the LUCRF Community Partnership Trust includes former Labor Victorian Premier, John Cain, and Sr Leone Wittmack, the Group Mission leader at St Vincent's Health Australia.
The Trustees will focus on identifying and supporting worthwhile programs that build skills, capacity and knowledge within communities. The inaugural Chairman of the Trust is Peter Lawrence, the initial fund broker for LUCRF Super and a former member of the Australian Stock Exchange.
Greg Sword told the launch that the Trust aims to build meaningful relationships between employers, employees and community organisations, promoting positive and sustainable partnerships.
One of the first employer partners is PFD Food Services with more than 2000 employees.
PFD's CEO Kerry Smith spoke at the launch and encouraged business leaders from across Australia to get involved in the Trust initiative. She says the Trust is a good fit with PFD Food Services because the projects it is funding and hopes to fund are in the places where their employees live and work.
The Doxa Youth Foundation has received funding for its Doxa School – an intensive intervention program for 'at risk' children between 11 and 15 and in particular its Afternoon program.
The Sister Francesca Healy Cottage is run by the Sisters of Charity in conjunction with St Vincent's, offering a home environment for the homeless or those at risk of being homeless. The Community Partnership Trust has provided funds for the purchase of specialist equipment including a bariatric wheelchair and bed.
Youth Projects Limited runs The Living Room project in the heart of Melbourne offering healthcare and support for the homeless. The Trust is providing funds for an additional GP to provide enhanced medical services.
To find out more or to get involved in the initiative go to: http://www.lucrf.com.au/