Concise Statement

The pension provisions of an occupational pension scheme that was established on the 23 December 1913 in South Australia for certain male officers of Elder Smith & Co Ltd (and subsidiary companies) and their wives widows and dependants have been ignored since 1982 by three out-of-jurisdiction Trustee de son torts resident in Victoria.

The pension provisions of an occupational pension scheme was established on the 17 December 1963 in South Australia for certain female officers of Elder Smith Goldsbrough Mort Ltd have been ignored since 1982 by three out-of-jurisdiction Trustee de son torts resident in Victoria.

The provisions of an occupational pension scheme was established on the 23 December 1913 in South Australia were amended by the Elder Smith & Co Limited Provident Funds Act 1963 (SA) so that the Directors of any “successor company” would hold the powers of the Directors of Elder Smith & Co Ltd and the “successor company” would assume the Employer contribution obligations of Elder Smith & Co Ltd. The first “successor company” was Elder Smith Goldsbrough Mort Ltd (renamed Elders IXL Ltd) in 1982.

By late 2016, on the completion of the acquisition of SABMiller plc by Anheuser-Busch InBev, the next “successor company” with the liability to ensure the solvency of the fund will have a market capitalisation of A $400 Billion.

No pensions are being paid to widows and male members receive a token lump sum benefit worth typically only 20% of the value of a pension benefit.

The Deeds of the Funds have been criminally concealed from the members and beneficiaries.

The last amending instrument that complies with the provisions of the Power of Amendment was executed on the 15 February 1977

The Power of Termination provided in the original Trust Deeds has not been executed in accordance with their terms and the Trust Estates of both schemes are still impressed with the trusts of the schemes.

The pension scheme established on the 23 December 1913 was purportedly closed to new members on 30 November 1997

Deductions for member contributions have been typically around 15% of salary when the prescribed rate is 5%.

Limitations of Actions defences are not available pursuant the Limitations of Action Act 1936 (SA).

Notes:

A trustee de son tort assumes the liabilities of a trustee appointed in accordance with the terms of the trust and relevant statutory provisions, but is unable to lawfully exercise any of the powers of a lawfully appointed trustee including exercising the Power of Consent and the Power of Termination.

A lawfully appointed trustee can be removed from office against the trustee’s will if the trustee remains out of jurisdiction for more than 12 months

Section 36 of the Trustee Act 1936 (SA) provides a statutory power, in addition to the Court’s inherent jurisdiction, to remove a trustee from office on the application of a beneficiary of the trust.

Subsection 36(1b) provides:

“There is no need for the Court to find any fault or inadequacy on the part of the existing trustees before making an order under this section.”

This Section would clearly apply to purported trustees who had not been lawfully appointed to the office of trustee and who are out of jurisdiction.


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This tab updated on 1 January 2016