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Cite as: (2003) 77(8) LIJ, p.13

Legal Industry Superannuation Scheme (LISS)

LISS commenced in 1989. It has in excess of 18,000 members and assets approaching $200 million. Three LISS investment options exist – capital stable, growth and growth plus.

Who manages LISS?
The board of the LISS trustee (L.I.S. Pty Ltd) comprises an independent chair and an equal number of member and employer representatives (five of each).

A range of expert service providers assists the trustee, including:

  • Fund administrator and fund secretary – The Law Institute of Victoria
  • Investment adviser – Mercer Investment Consulting
  • Legal advisers – Allens Arthur Robinson and Holding Redlich
  • Insurance – Citigroup
  • Investment managers – including Maple Brown Abbott, MLC, Citigroup, Paradice Cooper, HSBC, Macquarie Bank and State Street Global Advisors

For most members administration charges deducted from their accounts are only $1 per week ($52 per year). Other operating costs incurred by the trustee are deducted from earnings before returning net earnings to members.

What return has LISS provided to members?
Estimates available for the year ended 30 June 2003 (final rates available August 2003) suggest a return of negative 0.8 per cent per annum for the growth option where most members are invested.

2002 and 2003 have been very difficult years for financial markets. Recent media reports on performance suggest LISS has performed soundly compared to other funds.

Services and products

Immediate access to client service consultants
Our client service consultants are allocated to specific employers so when you call LISS you can speak with the person who is familiar with your account.

Insurance for death and total and permanent disability
With current insurance a lump sum in addition to your existing account balance is available.

If you die, death insurance provides a lump sum on top of your account balance for your beneficiaries. The lump sum varies with your age and is available in “units” of cover (e.g. if you want two units of cover multiply the premium and insured sum for one unit by two).

Premium for one unit – $1 per week.

One unit provides an insured sum of $118,000 (for members aged 30 years and under). Cover of up to $2 million is available subject to conditions.

You can select how your super is invested
The main difference between the three investment options (capital stable, growth and growth plus) is the mix of assets (e.g. shares, fixed income securities, etc.). For instance, capital stable is invested more in fixed income securities that, over the long term, generally provide lower returns but the variability in return is lower than choices invested more in shares.

Members can make or change their choice at any time and it will be effective the working day following receipt. A $25 fee applies to each change after your first request.

LISS members can access bank products from Member’s Equity (ME)
As LISS has an investment with ME, LISS members can access a range of ME banking products,[*] including:

  • home loans – from 5.99 per cent per annum
  • credit cards – 9.75 per cent per annum
  • savings accounts – 4.25 per cent for every $1 over $3000
  • personal loans – 9.9 per cent per annum

If you need more information, call ME on 1300 654 990. By providing information about ME, LISS is not endorsing ME or recommending its products to LISS members.

To obtain advice about the products, speak to a financial adviser licensed to provide financial product advice.

Consolidate your super and save money
If you wish to consolidate your super into LISS, LISS can help. Complete and return a simple Transfer of Superannuation Benefits Into LISS form at and select and we will arrange the transfer and confirm when complete.

You should first confirm exit fees from the other fund.

We’re here to help

Telephone: 9607 9311.
Facsimile: 9607 9477

Full information is available in the LISS key features statement: see and select Key Features Statement.

Most LISS members work in the legal industry, although it is open to others. The above material is of a general nature, produced solely for information purposes. Personal professional advice is recommended when making any decision regarding superannuation.

[*] Rates current at 7 May 2003 and subject to change.


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