After an absence of five years the “active members” of the occupational pension scheme established on the 23 December 1913 have again elected member representatives.
A manual is being prepared to assist the member-elected Directors with their general duties as well as undertake an audit of the purported “successor fund transfer” that took place on 20 January 2014. The Commonwealth Bank Staff Pension Fund Case has confirmed how valuable provisions can be accidentally or negligently deleted before or during a successor fund transfer process.
Transferring members from one fund to another fund cannot be used as a means of defeating the part or all of the beneficial interest of the members and other persons with a beneficial interest in the Transferer Fund.
The manual is divided into a number of sections one deals with the history of the Fund from 1913 to before 1982 when the Fund was administered by natural person trustees who were resident in South Australia as required by the provisions of the Trustee Act 1936 (SA).
If a trustee resident in South Australia planned to be out of the State for more than 12 months, then that trustee should delegate his role of trustee to another person resident in South Australia pursuant to Section 17 of the Trustee Act 1936 (SA) by means of a Power of Attorney.here.
This tab updated on 31 July 2015