Application by United Super Pty Ltd atf Construction and Building Unions Superannuation Fund

United Super Pty Ltd, acting on behalf of the Construction and Building Unions Superannuation Fund, applied to the Court for judicial advice on proposed amendments to the trust deed of the superannuation fund. The proposed changes included granting the trustee the power to levy a fee on members and accumulate trustee capital. The applicant sought the amendments to enable the trustee to meet potential liabilities against itself and its directors. The fund operates under a profit-to-member structure with nominal capital, and the trust deed already contained an existing remuneration power. The primary issue was whether the proposed amendments were consistent with recent changes to sections 56(2) and 57(2) of the Superannuation Industry (Supervision) Act 1993 (Cth) and the duties of the trustee.

The court considered the impact of the proposed amendments on the fund's structure and the trustee's powers. It examined the recent legislative amendments and their implications for the fund's operations and the trustee's ability to manage potential liabilities. The court also assessed whether the amendments aligned with the trustee's duties under the Superannuation Industry (Supervision) Act 1993 (Cth). After careful consideration, the court determined that the proposed amendments were consistent with the legislative framework and the trustee's duties. The court concluded that the amendments would not adversely affect the fund's members and would enable the trustee to manage potential liabilities effectively.

The court granted the application for judicial advice, confirming that the proposed amendments to the trust deed were consistent with the relevant legislation and the trustee's duties. The court's decision provided the applicant with the necessary guidance to proceed with the amendments, ensuring compliance with the legal requirements and the protection of the fund's members. This decision reinforced the importance of aligning trustee actions with legislative standards and the fiduciary duties owed to superannuation fund members.