Failure to Educate

Superannuation was made compulsory by the Keating Government.

The Senate Select Committee on Superannuation in 1993 made the following recommendation:

“The Committee in carrying out a close study of the Queensland Professional Officers Association Superannuation Fund observed the consequences when the principles of trust law are neglected and abused. It remarked on the important role government had in educating both trustees and members as to their respective rights and responsibilities as a means of preventing a Queensland Professional Officers Association Superannuation Fund situation.”

This recommendation was accepted.

The comments included:

“The legislation is designed to support honest and diligent trustees and give members a greater say in the management of funds “

These comments in the Senate Hansard have been echoed two decades later by the Western Australia Court of Appeal.

The Western Australia Court of Appeal in Schreuder v Murray [No. 2] 41 WAR 169; 260 ALR 139 ; [2009] WASCA 145 stated:

“A trustee is the trustee of property for the benefit of the beneficiaries of the trust. The trustee and beneficiaries have a correlative duty and interest in the proper administration of the trust. The duty of the trustee includes a duty to properly perform the trust by adhering to and carrying out the terms of the trust. The beneficiaries have an interest and, indeed, a right to compel proper administration of the trust.”

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There has been a total failure of Governments, both Labor and Coalition, to educate members of superannuation funds as to how to ensure their fund is being properly and lawfully administered for their benefit.

Education
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