How ASIC Assists in Robbing Widows of their Pensions

Wives and widows have a beneficial interest in the occupational pension fund established on the 23 December 1913 as confirmed by the Elder Smith and Co Provident Funds Act 1963 (SA).

The entitlement of the widows of qualifying male officers to receive a Survivorhip pension is confirmed by a Select Committee of the legislative Council of South Australia.

The Hon. G. O’H Giles M.L.C. stated in the Minutes of Evidence  for the Select Committee on the Elder Smith & Co Ltd Provident Funds Bill 1963 on 3 September 1963 following a question from the Attorney-General, the Hon Colin Rowe M.L.C.:

“ The present fund – that is, Elder’s Provident Fund – was established 50 years ago. It is one of the oldest Provident Funds in Australia. It is a pension fund, and not a Provident Fund in the lump sum sense. It provides pensions after 15 years of service. It provides death benefits, equal to three years’ salary, immediately after entry to the fund. The fund is designed to provide an attraction to people to join the company’s service, an encouragement to them to remain, and security for those officers who belong to the company and the fund”.

Mr Giles continues:

“ At present, there are 1,099 members of the fund and 106 pensioners, including two widowed pensioners. The only reason why there are only two widowed pensioners is that until comparatively recently the fund only provided a pension during the life of the officer after retirement. However, that was altered some little time ago to enable them to opt to have a survivorship pension in favour of their wife if they so wished. The fund has assets of £2,838,000”.

The entitlement is confirmed by Regulation 30 of a consolidation Deed of Variation dated 6 May 1958.

1958 Consolidation Deed of Variation  

As well as by Regulation 30A in Deed of Variation dated 20 November 1974.

Deed of Variation 20 November 1974  

So there is overwhelming evidence that wives and widows have a beneficial interest (ie are “concerned persons” pursuant to subsection 1017C(9) of the Corporations Act 2001) in the occupational pension fund established on the 23 December 1913.

Therefore they have a right under the general law, the Trustee Act 1936 (SA) and Section 1017C(5) of the Corporations Act 2001, to have access to the Deeds that will confirm their right to a survivorship pension if their husbands pre-decease them.

Yet the ASIC Officer, Ms Fiona Crowe, in a letter dated 10 December 2013 simply consigns widows to a life of poverty by  simply claiming “we do not consider you meet the definition of a concerned person” , without referencing  any evidence as to why ASIC has arrived at such a conclusion when there is ample evidence to confirm that widows are entitled to receive a survivorship pension and therefore have a right of access to the Deeds that will confirm this entitlement.

This evidence includes and Act of the Parliament of South Australia.

  ASIC 10 Dec 2013