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Beneficiaries’ Interests in Super Funds - Trust And Property Law Concepts at Work

Published on 16 Feb 2010 | Took place at The Grace Hotel, Sydney, NSW

Immense amounts of Australian wealth are held in superannuation funds and that situation will continue into the future. If O’Loughlin J is correct, members of super funds have the flimsiest of interest in the trusts to which they have contributed for a lifetime and will depend on for their retirement. The notion of “accrued benefits” is a critical feature of superannuation legislation and together with subsequent decisions (from Australia and like jurisdictions) throws real doubt on O’Loughlin J’s view. This event covered the following issues:

  • the trust and property law concepts of an “interest” in the fund
  • the relevance of CPT custodian
  • the operation of regulation 13.16 of the SIS Regulations
  • the statutory notions of “fund”, “benefit” and “accrued”
  • “Minimum benefits” concept
  • the relevance of air products Canada v Schmidt (Canadian Supreme Court)
  • APRA’s view
  • bankruptcy law intervention.

Individual sessions

The nature of a beneficiary's interest in a superannuation fund and accrued benefits

Author(s):  John V EDSTEIN This paper covers:

  • superannuation funds as private trusts
  • the nature of a beneficiary's interest in a superannuation fund
  • Regulation 13.16(1)
  • minimum benefits under Part 5
  • actuarial and accounting views.
Materials from this session: