Key Provision Map

Key Provision Map

Notes:

The provisions in the terms of a trust remain in force until such time as the provision is amened or repealed {or the power to terminate the scheme as a whole has been exercised in accordance with the power reserved in the original Trust Deed}.

Any amending instrument must comply with the conditions and restrictions imposed by the amending power provided in the original Trust Deed as well as any relevant statutory provisions (eg stamp duty or witnessing Deeds).

In the case of the occupational pension scheme established by a Trust Deed made on the 23 December 1913 (where the provisions took effect from 1 January 1914) the last lawfully amended Deed of Variation is dated 15 February 1977.

Since then no further purported amending instruments have complied with the provisions of the legitimate Power of Amendment {Regulation 50} as referenced by the Elder Smith & Co Limited Provident Funds Act 1963 (SA).

The Power of Termination {Regulation 52} has not been executed in accordance with its terms.

Regulation 52 has not been amended to allow the Trust Estate to be transferred to the Trust Estate of another fund {Refer to the Elder’s Trustee & Executor Provident Funds Act 1971 (SA)} before the trusts of the scheme have been terminated.

IMPORTANT:

The purported “Deed” dated 26 August 1986 bearing the signature of Ken Jarrett and the attached purported “Rules” dated 19 August 1985 do not purport to repeal or revoke the Regulations then (and still) in force.

In any event this purported “Deed” and attached purported “Rules” are void and in effected since they have not complied with the provisions of the Power of Amendment {Regulation 50}.

These documents were misrepresented to APRA in 2006 as the “Trust Deed and Rules” of the Fund.