The key protections that members of employer-sponsored superannuation funds are the legal right to have access to the original Trust Deed and all instruments that purport to amend the terms of the original Trust Deed and the right to have member-elected Directors supervise the administration of the superannuation trust (fund).
Members and beneficiaries are also entitled to have access to other “trust documents” such as the audited accounts, Auditor’s Report and the periodic Actuarial Report.
The are only a limited number of documents held by a Trustee that the Trustee is not required to disclose to persons with a beneficial interest in the fund and these are prescribed by subsection 1017C(4) of the Corporations Act 2001.
In the case of trusts established in South Australia, Trustees also have disclosure obligations pursuant to Section 84B of the Trustee Act 1936 (SA). This has been confirmed by the Deputy Premier and Attorney-General of South Australia, the Hon John Rau MP.
The Fund Auditor is engaged to protect the interests of the members and beneficiaries and his paid for his services by the members of the fund.
The last member-elected Directors were:
- Wolfgang Smoger
- Brendan Richardson
Wolgang Smoger resigned as a Director on 21 May 2010 and Brendan Richardson resigned as a Director 2 June 2010.
There have been no subsequent elections held even though subsection 89(3)(c) of the Superannuation Industry (Supervision) Act 1993 requires vacancies to be filled within 90 days if the trustee is not to contravene the “equal representation rule“.
Members were advised in the 2012 Annual Report to Members that: “Details of re-scheduled elections will be provided in due course.”.
No such details were ever provided.
Responsible Persons of the purported corporate Trustee, CCSL Limited, have been criminally concealing the original Trust Deed and genuine Deeds of Variation and other prescribed “trust documents” since at least January 2007, until PFS Nominees Pty Ltd gained control of the Trust Estate on 20 January 2104.
Responsible Persons of the purported corporate Trustee, PFS Nominees Pty Ltd, have also concealing the original Trust Deed and genuine Deeds of Variation and other prescribed “trust documents” since at 20 January 2014.
Therefore there has been ongoing contraventions of both subsections 1017C(2) and 1017C(5) of the Corporations Act 2001 as well as Sections 86-93A of the Superannuation Industry (Supervision) Act 1993 and SIS Regulation 4.08(3).
Copies of the Section 35C Compliance Reports certified by Fund Auditors from PricewaterhouseCoopers (PwC) can be downloaded from the following links:
Note: The purported Trustee is yet to provide copies of the compliance report for the financial year ending 30 June 2013 and for the period 1 July 2013 and 20 January 2014 when the Trust Estate was transferred in Breach of Trust to another Trust Estate.
This tab updated on 8 June 2015