Energy Industries Superannuation Scheme Pty Limited as trustee of the Energy Industries Superannuation Scheme Pool A and Pool B (trading as EISS Super) [2022] NSWSC 1202

Supreme Court New South Wales

Medium Neutral Citation: Energy Industries Superannuation Scheme Pty Limited as trustee of the Energy Industries Superannuation Scheme Pool A and Pool B (trading as EISS Super) [2022] NSWSC 1202 Hearing dates: 23 August 2022 Decision date: 09 September 2022 Jurisdiction: Equity Before: Ball J Decision: See para [47] Catchwords: EQUITY — Trusts and trustees — Judicial advice under s 63 of the Trustee Act 1925 (NSW) — Whether trustee may insert amendments to trust deed of superannuation fund to give power to charge fee — Where capital reserve sought to enable trustee to meet potential liabilities from recent changes to regulatory environment Legislation Cited: Australian Prudential Regulation Authority Act 1998 (Cth) Corporations Act 2001 (Cth) Court Suppression and Non-Publication Orders Act 2010 (NSW) Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (Cth) Prudential Standard SPS 520 Fit and Proper Superannuation Administration Act 1996 (NSW) Superannuation Industry (Supervision) Act 1993 (Cth) Trustee Act 1925 (NSW) Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: Application by LGSS Pty Ltd atf Local Government Super [2021] NSWSC 1613 Application by Maritime Super Pty Ltd atf Maritime Super [2021] NSWSC 1614 Application by Motor Trades Association of Australia Superannuation Fund Pty Ltd atf Spirit Super [2021] NSWSC 1672 Application by NGS Super Pty Ltd atf NGS Super [2021] NSWSC 1694 Application by SCS Super Pty Limited atf Australian Catholic Superannuation and Retirement Fund [2022] NSWSC 686 Application by United Super Pty Ltd atf Construction and Building Unions Superannuation Fund [2021] NSWSC 1679 AustralianSuper Pty Ltd v McMillan [2021] SASC 147 In the Application of NSW Trustee & Guardian [2014] NSWSC 423 Invensys Australia Superannuation Fund Pty Ltd v Austrac Investments Ltd (2006) 15 VR 87; [2006] VSC 112 Macedonian Orthodox Community Church St Petka Inc v His Eminence Petar the Diocesan Bishop of Macedonian Orthodox Diocese of Australia and New Zealand (2008) 237 CLR 66; [2008] HCA 42 Re HEST Australia Ltd [2021] VSC 809 Re QSuper Board [2021] QSC 276 Category: Principal judgment Parties: Energy Industries Superannuation Scheme Pty Limited as trustee of the Energy Industries Superannuation Scheme Pool A and Pool B (trading as EISS Super) (Plaintiff) Representation: Counsel: D Hogan-Doran SC with SKS Danne (Plaintiff) B J Doyle QC (Amicus Curiae)