Who is the trustee of a superannuation fund

What is a corporate trustee? Can a member of a fund be a trustee? Who must be a fund member? The Financial Services Reform Act covers a very broad area of finance and is designed to provide standardisation within the financial services industry.

Under the FSR, to operate a superannuation fund , the trustee must have a licence to run a fund and the individuals within the funds require a licence to perform their job.

It’s important to know and understand the duties, responsibilities and obligations of an SMSF trustee. The people best suited to an SMSF are looking for greater control and visibility of their super and are prepared to take an interest in their retirement savings. Prior to this time, Sharon was Head of Investment and Insurance Regulatory Governance for over years. One trustee must be a fund member.

If the fund member is an employee of the other trustee , the fund member and the other trustee must be relatives. The corporate trustee company can have one or two directors, but no more. The fund member must be the sole director or one of the two directors.

Changing ownership documents when a trustee of a two-person SMSF dies is time-consuming and can be costly, writes Sam Henderson, who your questions on superannuation.

Cable and Wireless Pension Trustee Limited is a “Corporate Trustee ”. The Directors of the Trustee company have the same responsibilities as an individual trustee in relation to the Fund. The Fund provides choices about superannuation and insurance which looks after the financial wellbeing of over 60Australians. We are pleased to publish the following information about the Trustee and the Fund.

Scheme constitution and management. By appointing Equity Trustees as your superannuation trustee , you are outsourcing the trustee function, relieving your business of the time and cost of performing the trustee role and freeing resources to focus on your core service offer to members while still achieving a high standard of compliance and governance for your fund. Paying superannuation death benefits. A superannuation death benefit is a payment you make to a dependent beneficiary or to the trustee of a deceased estate after the member has died. The fundamental principle is that superannuation is not bequeathed in terms of your will - it is the trustee of your superannuation fund who gets to say where the money will go.

It is the trustee for four railway industry pension schemes. Two of these schemes - the RPS and the BTPFSF - are open to new members. The Trustee has overall responsibility.

To knowingly act as a trustee , a trustee director or an office holder of a corporate trustee (such as secretary), while being a disqualified person, is an offence. Also, the interest in the superannuation fund was that of Mr Gapes’ mother, not of Mr Gapes himself. Accordingly, as Mr Gapes had no interest in the superannuation fund and the money was paid to him from his mother’s estate and not from the superannuation fund , the court ordered that the trustee was entitled to summary judgment and that the money was property divisible amongst creditors.

So, many superannuation fund members have been getting a great deal in recent years because the insurance premiums they have paid have been less than the cost of providing their insurance cover. But this is clearly not sustainable, and many trustees are finding the insurance premiums for their funds – or for some member segments - rising significantly.

While premium increases are a short. Generally, the program will be updated as required in response to any legislative changes. It will also be reviewed six monthly to ensure it is still up to date. ASIC has issued a temporary no-action position for superannuation trustees to expand the scope of personal advice that may be provided by, or on behalf of, the superannuation trustee as ‘intra- fund advice’. Media release on relief measures.

Temporary no-action position. ASIC examines advice in super. Superannuation Fund Trustee in the event of a conflict.