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.