A Superannuation Fund is based on the legal concept of a “trust“. Trusts in one form or another have been around since the time of the Crusades. In a “trust“, property (eg investments) is held and managed by a Trustee for the benefit of others – the Beneficiaries of the “trust“.
The Trustee must administer the “trust” strictly in accordance with the Trust Instrument (the Trust Deed and Rules in the case of a superannuation fund) and not deviate unless sanctioned by the Courts. The obligation has always been placed on the Beneficiaries to police the Trustee to ensure that the Trustee was administering the Trust in accordance with the Trust Instrument and the general laws of trusts.
If not, the Beneficiaries could seek the assistance of the Courts to correct any maladministration by the Trustee.
The logic is that it is the Beneficiaries’ money that is held “on trust” by the Trustee and therefore the Beneficiaries have a vested interest in ensuring the Trustee behaves honestly and with an appropriate duty of care on their behalf.
In Letterstedt v Broers (1884) 9 App Case 371 it is stated:
“It must always be borne in mind that trustees exist for the benefit of those to whom the creator of the trust has given the trust estate”
Now Australian Politicians thought they had a better idea. Instead of empowering the Members and Beneficiaries of superannuation funds to look after their own money. These Politicians empowered a handful of Public Servants to look after other peoples’ money.
Now you do not need to be an Einstein to realise that this would be a recipe for graft and corruption.
And so it has come to pass.
As the first Baron of Acton noted:
“Power tends to corrupt and absolute power corrupts absolutely”.
Just as the Crusaders had to police their own “trust” where their estate was placed in the hands of a Trustee to administer while they were away in the Holy Lands, Australian Guardians is on a modern day crusade to empower Members and Beneficiaries to police the Trustees who are safeguarding their money on the Members’ and Beneficiaries’ behalf.
If you believe that you are the person best placed to protect your hard earned superannuation entitlement then join Australian Guardians today.
There are over 30 Million superannuation fund accounts – who is able to properly check a superannuation entitlement other than the Member him or herself?
Australian Guardians will provide you with the tools you will need.
Australian Guardians has already helped Members establish claims against the Trustees of their Government Regulated Superannuation Fund running into the $100,000s and even in some cases into the Millions of dollars.
Email: firstname.lastname@example.org for membership details or post a comment below with your email details.
Membership is free.
Australian Guardians – Protecting your wealth when no one else will®.