Penrith's Zak Hardaker has also been overlooked after failing to shine during his short spell with the Panthers this season.
Burgess will miss this weekend's warm-up game against France due to a one-match ban carried over from the NRL season but is set to make his first appearance since the 2013 World Cup when England open their Four Nations campaign against New Zealand in Huddersfield on October 29.
"To have Sam Burgess back is not just a boost for England but one for the international game," Bennett said.
"Having worked with him in the past, he's a great bloke to have around and have by your shoulder on the field."
Burgess is set to play alongside his South Sydney team-mates and twin brothers George, who missed last years series against the Kiwis through injury, and Tom.
Jonny Lomax and St Helens team-mate Mark Percival are the only new faces in the squad, while Castleford half-back Luke Gale, Hull prop Scott Taylor and Warrington utility Ratchford are hoping to win their first caps after being non-playing members of previous England squads.
"Injuries are part and parcel of the game and to lose players like O'Loughlin, Tomkins and Currie isn't ideal but it does offer opportunities to others who have performed in the year and it's good to see some new and returning faces in the squad," Bennett said.
"There's some serious talent in this all-English side and that's testament to the England program, the clubs they play for and the players' attitude in wanting to do their best each week. I've spoken to the boys and they're well aware what's ahead of them in this tournament."
The absence of O'Loughlin means Bennett will have to appoint a new captain, with Canterbury skipper James Graham the favourite to take over.
England kick-off their Four Nations campaign against David Kidwell's Kiwis side at John Smith's Stadium, Huddersfield on Sunday 30 October at 2:30am (NZT).
They then go on to face Scotland as part of a double-header at Ricoh Arena, Coventry on Sunday 6 November at 5:30am, and finish round robin play against Australia at London Stadium on Monday 14 November at 2am (both NZT).
Should they make the final, they will play at the famous Anfield ground in Liverpool on Monday 21 November at 2:30am (NZT).
England squad: J Bateman (Wigan), K Brown (Widnes), G Burgess (South Sydney), S Burgess (South Sydney), T Burgess (South Sydney), D Clark (Warrington), M Cooper (St George Illawarra), L Farrell (Wigan), B Ferres (Leeds), L Gale (Castleford), J Graham (Canterbury Bulldogs), R Hall (Leeds), C Hill (Warrington), J Hodgson (Canberra), J Lomax (St Helens), J McGillvary (Huddersfield), M Percival (St Helens), S Ratchford (Warrington), D Sarginson (Wigan), S Taylor (Hull FC), K Watkins (Leeds), E Whitehead (Canberra), G Widdop (St George Illawarra), G Williams (Wigan).