Another Broken Promise

{Published 28 Nov 2014} The following documents were provided to the former Acting Assistant Treasurer responsible for the Compulsory Superannuation System: Senator Cormann 28 November 2014 1974 Deed of Variation PR 28 Nov 14   The Chairman of ASIC, Mr Greg Medcraft, has claimed that Australia is a ‘Paradise’ for white-collar criminals – a statement he was forced to retract by the Finance Minister and Acting Assistant Treasurer, Senator the Hon Mathias Cormann. The Minister responsible for superannuation, Senator the Hon Mathias Cormann, acted like an “economic man of steel” before the last election, promising victims of the Trio Capital Superannuation Fraud who had transferred their savings out of APRA regulated funds on the advice of a white-collar criminal, that they too would receive compensation as did the victims who remained in four APRA regulated funds. However once in office, the Minister appears to have turned into an “economic girlie man” who has not only repudiated this promise, but also refuses to pay any compensation to widows whose late husbands were members of an APRA regulated fund. The Minister has also refused to confirm what the policy of the Coalition Government is when it comes to compensation for losses due to theft or fraudulent conduct with respect to APRA regulated funds. Since superannuation is COMPULSORY, the Government has a moral as well as legal obligation to ensure that people receive just compensation if their superannuation is stolen by white-collar criminals. If the Government is powerless to prevent white collar-crime in the $1 Trillion superannuation system and then refuses to pay PROMISED compensation, then the Government should allow widows to take out their money when they are able and to put it in a safer place – like under their mattress.   Schedule of Deeds Provided to the Acting Assistant TreasurerThe Jarrett Deed” Attached to a letter dated 24 October 2014 The consolidation Deed of Variation dated 6 May 1958 (“The Perfect Deed”) Attached to a letter dated 25 October 2014 Deed of Variation dated 20 November 1974 Attached to a letter dated 26 October 2014   The consolidation Deed of Variation dated 6 May 1958 confirms the entitlement of a pension for life for male officers who have completed at least 15 years of service. The Deed of Variation dated 20 November 1974 confirms the right of widows to receive an “automatic” survivorship pension. The “Jarrett Deed” purports to abrogate these entitlements and replace them with a token lump sum benefit. The “Jarrett Deed” can be proven to be void and fraudulent simply by counting the number of Directors’ signatures that appear on this document. How easy is that!