Copy of founding Trust Deed - Fund Registration
Phillip Sweeney made this Freedom of Information request to Australian Prudential Regulation Authority
This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.
Dear Australian Prudential Regulation Authority,
Objective #7 related to fund registration in the Explanatory Memorandum for the Superannuation Safety Amendment Bill 2003 is:
"(7) ensure that APRA is provided with sufficient information about the particular risks associated with defined benefit funds, and provide APRA with tools to address those risks in a timely manner."
Sufficient information starts with the founding Trust Deed that established a particular Defined Benefit fund. If no amending power has been reserved in the founding Trust Deed then the provisions of the fund can only be amended by an Act of Parliament or a Court Order.
If an amending power has been reserved in the founding Trust Deed then copies of all amending Deeds should also have been provided to APRA.
The founding Trust Deed and all amending Deeds must be read as "one legal document".
A consolidation amending Deed or an administrative consolidation does not replace the "one legal document" test. All Deeds must be available to be read as "one legal document".
APRA has already confirmed (APRA Ref: 12/002924) that a copy of the founding Trust Deed made on 23 December 1913 in the State of South Australia was not provided to APRA before fund registration number R1004830 was granted by Tony Randle on 20 April 2006.
On 20 January 2014, the Trust Estate (assets) of this Defined Benefit fund were transferred to PFS Nominees Pty Ltd, a subsidiary company of the National Australia Bank. On 1 July 2016, the assets were transferred to NULIS Nominees (Aust) Ltd another NAB subsidiary company.
The documents I seek are:
- (i) copies of any correspondence from PFS Nominees Pty Ltd or from NULIS Nominees (Aust) Ltd confirming that a copy of the 1913 Trust Deed was later provided to APRA;
-(ii) a copy of a Court Order re-instating the terms of the 1913 Trust Deed if this deed had been lost or accidentally destroyed provided by either of these trustees to APRA;
-(iii) a copy of the 1913 Trust Deed if this had been later provided to APRA.
Yours faithfully,
Phillip Sweeney
Dear Mr Sweeney,
I acknowledge receipt of your FOI request dated 30 May 2021. We are processing your request and will respond soon.
Regards,
FOI OFFICER
T 02 9210 3000 | E [APRA request email]
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
1 Martin Place (Level 12), Sydney, NSW 2000 GPO Box 9836, Sydney, NSW 2001 T 02 9210 3000 | W www.apra.gov.au
-----Original Message-----
From: Phillip Sweeney <[FOI #7359 email]>
Sent: Sunday, 30 May 2021 11:52 AM
To: Freedom of Information <[email address]>
Subject: Freedom of Information request - Copy of founding Trust Deed - Fund Registration
EXTERNAL EMAIL: Do not click any links or open any attachments unless you trust the sender and know the content is safe.
Dear Australian Prudential Regulation Authority,
Objective #7 related to fund registration in the Explanatory Memorandum for the Superannuation Safety Amendment Bill 2003 is:
"(7) ensure that APRA is provided with sufficient information about the particular risks associated with defined benefit funds, and provide APRA with tools to address those risks in a timely manner."
Sufficient information starts with the founding Trust Deed that established a particular Defined Benefit fund. If no amending power has been reserved in the founding Trust Deed then the provisions of the fund can only be amended by an Act of Parliament or a Court Order.
If an amending power has been reserved in the founding Trust Deed then copies of all amending Deeds should also have been provided to APRA.
The founding Trust Deed and all amending Deeds must be read as "one legal document".
A consolidation amending Deed or an administrative consolidation does not replace the "one legal document" test. All Deeds must be available to be read as "one legal document".
APRA has already confirmed (APRA Ref: 12/002924) that a copy of the founding Trust Deed made on 23 December 1913 in the State of South Australia was not provided to APRA before fund registration number R1004830 was granted by Tony Randle on 20 April 2006.
On 20 January 2014, the Trust Estate (assets) of this Defined Benefit fund were transferred to PFS Nominees Pty Ltd, a subsidiary company of the National Australia Bank. On 1 July 2016, the assets were transferred to NULIS Nominees (Aust) Ltd another NAB subsidiary company.
The documents I seek are:
- (i) copies of any correspondence from PFS Nominees Pty Ltd or from NULIS Nominees (Aust) Ltd confirming that a copy of the 1913 Trust Deed was later provided to APRA;
-(ii) a copy of a Court Order re-instating the terms of the 1913 Trust Deed if this deed had been lost or accidentally destroyed provided by either of these trustees to APRA;
-(iii) a copy of the 1913 Trust Deed if this had been later provided to APRA.
Yours faithfully,
Phillip Sweeney
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Dear Mr Sweeney,
Please find attached APRA's Notice of Decision dated 24 June 2021.
Regards,
FOI OFFICER
T 02 9210 3000 | E [APRA request email]
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
1 Martin Place (Level 12), Sydney, NSW 2000
GPO Box 9836, Sydney, NSW 2001
T 02 9210 3000 | W www.apra.gov.au
-----Original Message-----
From: Phillip Sweeney <[FOI #7359 email]>
Sent: Sunday, 30 May 2021 11:52 AM
To: Freedom of Information <[email address]>
Subject: Freedom of Information request - Copy of founding Trust Deed - Fund Registration
EXTERNAL EMAIL: Do not click any links or open any attachments unless you trust the sender and know the content is safe.
Dear Australian Prudential Regulation Authority,
Objective #7 related to fund registration in the Explanatory Memorandum for the Superannuation Safety Amendment Bill 2003 is:
"(7) ensure that APRA is provided with sufficient information about the particular risks associated with defined benefit funds, and provide APRA with tools to address those risks in a timely manner."
Sufficient information starts with the founding Trust Deed that established a particular Defined Benefit fund. If no amending power has been reserved in the founding Trust Deed then the provisions of the fund can only be amended by an Act of Parliament or a Court Order.
If an amending power has been reserved in the founding Trust Deed then copies of all amending Deeds should also have been provided to APRA.
The founding Trust Deed and all amending Deeds must be read as "one legal document".
A consolidation amending Deed or an administrative consolidation does not replace the "one legal document" test. All Deeds must be available to be read as "one legal document".
APRA has already confirmed (APRA Ref: 12/002924) that a copy of the founding Trust Deed made on 23 December 1913 in the State of South Australia was not provided to APRA before fund registration number R1004830 was granted by Tony Randle on 20 April 2006.
On 20 January 2014, the Trust Estate (assets) of this Defined Benefit fund were transferred to PFS Nominees Pty Ltd, a subsidiary company of the National Australia Bank. On 1 July 2016, the assets were transferred to NULIS Nominees (Aust) Ltd another NAB subsidiary company.
The documents I seek are:
- (i) copies of any correspondence from PFS Nominees Pty Ltd or from NULIS Nominees (Aust) Ltd confirming that a copy of the 1913 Trust Deed was later provided to APRA;
-(ii) a copy of a Court Order re-instating the terms of the 1913 Trust Deed if this deed had been lost or accidentally destroyed provided by either of these trustees to APRA;
-(iii) a copy of the 1913 Trust Deed if this had been later provided to APRA.
Yours faithfully,
Phillip Sweeney
-------------------------------------------------------------------
Please use this email address for all replies to this request:
[FOI #7359 email]
Is [APRA request email] the wrong address for Freedom of Information requests to Australian Prudential Regulation Authority? If so, please contact us using this form:
https://www.righttoknow.org.au/change_re...
This request has been made by an individual using Right to Know. This message and any reply that you make will be published on the internet. More information on how Right to Know works can be found at:
https://www.righttoknow.org.au/help/offi...
Please note that in some cases publication of requests and responses will be delayed.
If you find this service useful as an FOI officer, please ask your web manager to link to us from your organisation's FOI page.
-------------------------------------------------------------------
________________________________
________________________________
IMPORTANT NOTICE:
This e-mail is intended solely for the person or organisation to whom it is addressed, and may contain secret, confidential or legally privileged information.
If you have received this e-mail in error or are aware that you are not authorised to have it, you MUST NOT use or copy it, or disclose its contents to any person. If you do any of these things, you may be sued or prosecuted.
If you have received this e-mail in error, please contact the sender immediately.
________________________________
________________________________