The Widows’ Pensions

The trustee’s duty to pay a survivorship pension to widows of qualifying male officers is confirmed by the following Deeds of Variation, which the NAB Trustee has criminally concealed from wives and widows.

The original Trust Deed dated 23 December 1913 did not provide a survivorship pension for widows, however the prescribed contribution rate for male officers was only 2.5% of salary.

The New South Wales Court of Appeal has considered the principles involved in the amendment of the terms of a trust in Re Dion Investments Pty Ltd [2014] NSWCA 367. Further information on the ruling of the court can be found here.

However benefits were increased over the next decades with the increase in the member contribution rate and a survivorship pension for widows was added to the terms of the trust by a Deed of Variation executed on 18 January 1955 which added Regulation 10A.

Regulation 10A was repealed by the consolidation Deed of Variation dated 6 May 1958 and replaced by an equivalent Regulation 30.

Originally a male officer had to trade some of his pension entitlement for a survivorship pension for his widow, however a Deed of Variation dated 20 November 1974 added Regulation 30A which provided for an “automatic” survivorsip pension for widows

The sequence of these Deeds of Variation is summarised on the following diagram:

Pensions for widows

It is important to note the the NAB Trustee has been unable to produce any Deed of Variation executed in accordance with the genuine Power of Amendment that purported to repeal Regulation 30A.

Even the fraudulent amending instruments executed on and after 20 December 1982 do not purported to repeal Regulation 30A.

Regulation 30A has simply been ignored by three “de facto trustees” who have gained control of this occupational pension fund, the latest being the NAB Trustee.

These “de facto trustees” have never sought advice and directions from the Supreme Court of Victoria as so that a “true construction” of the terms of this trust might be determined by the Court so as to protect the welfare of the widows and other beneficiaries.

Key Questions

When was this Defined Benefit Fund closed to new members?

1 December 1997 {However this is also a legal issue if it has been closed at all}.

Has the scheme been would-up in accordance with the Power of Revocation provided in the original Trust Deed that established the occupational pension trust?

No.

Can the NAB Trustee produce any Deed of Variation executed in accordance with the provisions of the Power of Amendment provided in the original Trust Deed that has repealed the Regulation providing the pension entitlement for widows?

No.

Note: Even if such a Deed of Variation could be produced by the NAB Trustee, a Court would hold the Deed to be void under the doctrine of a “Fraud on a Power” if the pension benefit had not been replaced by a benefit of equivalent if not better value.

Deeds of Variation

Copies of the Deeds of Variation mentioned above can be found on the following links.

Deed of Variation dated 18 January 1955 here.

Consolidation Deed of Variation dated 6 May 1958 here.

Deed of Variation dated 20 November 1974 here.

 
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This tab updated on 27 March 2015