Trust Deed changes
August 2008
The Trust Deed is the legal document containing the rules of the Fund. Trust Deeds are subject to review from time to time, as Funds look to offer different benefits to members.
As advised in the 2009 Annual Report, Professional Associations Super's Trust Deed was reviewed in 2008 and a modern Replacement Trust Deed was introduced which affords the Fund more flexibility to grow and deliver benefits to members. The changes introduced also define and clarify a number of technical matters and provisions.
On 25 August 2008, the Professional Associations Super Trustee Board approved the following amendments:
- Changes to the structure of the Trust Deed to cater for a variety of structures within the Fund
- Clarification on Employer participation
- Incorporation of a new provision 'Terminal Medical Condition' for dealing with death and total permanent disablement (TPD) benefits
- Cooling off provision aligned with legislation
- Stronger definition of 'valid' in context of Binding Nominations
- Flexibility has been provided for the Trustee to declare multiple crediting rates and unit prices to support all divisions of the Fund
- Allow the Fund to offer additional Investment Options and close others
- Protection for the Board in the event of an illiquid investment causes a delay in transferring or paying a benefit
- The Trustee may maintain more than one reserve account for different purposes
- Additional Family Law provisions
- The clauses related to Provisional Members have been removed
- Reference to the deduction of 'costs' related to a transfer out has been removed
- The concept of mandatory employer contributions has been removed as it is no longer applicable
- The provision for contribution arrears was removed.
Download a full copy of the Trust Deed or call our Customer Service Centre on 1300 651 331 to request a copy.
