History of Fund

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The occupational pension trust was established on 23 December 1913 in the State of South Australia. The fund which is the “subject matter” of the trust was originally referred to as the Provident & Guarantee Fund.

The founding Trust Deed that confirms the establishment of this trust was drafted by Sir John Downer who co-drafted the Australian Constitution as confirmed by the minutes of the first Trustees’ meeting held on 17 January 2014.

The “Settlor” who made the decision to establish the fund was the company Elder Smith & Co Limited (“the Company“). Elder Smith & Co Limited is a company established in South Australia in 1888.

There were originally three natural person trustees appointed by the Board of the Company.

The fund which is the “subject matter” of the trust was originally £50,000.

The Trust Deed confirms that the “objects” of this trust are:

“certain male officers, their wives, widows and dependants”

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For a trust to be validly constituted there must be:
  1. certainty of intention
  2. certainty of subject matter, and
  3. certainty of objects

The reason for the “three certainties” is so that a Court is able to execute the trust in the event that the Trustee (or Trustee) are unable or unwilling to do so.

The occupation pension trust established on the 23 December 1913 has been known by a number of names over its long history:

  • The Provident & Guarantee Fund {1913-1949}
  • The Provident Fund {1949-1982}
  • The Elders IXL Superannuation Fund {1982-1990}
  • The Fosters Brewing Group Superannuation Fund {1990-2001}
  • The Fosters Group Superannuation Fund {2001-2011}
  • The AusBev Superannuation Fund {2011 – ?}

On the 20 January 2014 the Trust Estate of The Provident Fund was purportedly transferred to the Trust Estate of a superannuation trust administered by a subsidiary company of the National Australia Bank.

This purported “Successor Fund Transfer” is covered in more detail here.

 
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This tab updated on 18 March 2015