HIH Superannuation [2003] NSWSC 65

New South Wales Supreme Court

CITATION : HIH Superannuation [2003] NSWSC 65 HEARING DATE(S) : 19/12/02 JUDGMENT DATE : 21 February 2003 JURISDICTION: Equity Division JUDGMENT OF : Barrett J DECISION : See paragraph 51

CATCHWORDS : SUPERANNUATION - private sector schemes - proposed application of actuarial surplus by augmenting of benefits - whether benefits already paid may be augmented - nature and scope of trustee's power to augment - TRUSTS AND TRUSTEES - application for judicial advice - criteria against which exercise of trustee's discretion to be assessed LEGISLATION CITED : Superannuation Industry (Supervision) Act 1993 (Cth) Trustee Act 1925 Re Adelaide Unley and Mitcham Tramway Co Ltd [1907] SALR 35 Attorney-General v Breckler (1999) 197 CLR 83 BHLSPD Pty Ltd v Brashs Pty Ltd [2001] VSC 512 Clerical Administrative and Related Employees Superannuation Pty Ltd v Bishop (unreported, FCA, 31 July 1997) Crooks National Stores Pty Ltd v Collier (1957) 97 CLR 581 CASES CITED : Karger v Paul [1984] VR 161 Lock v Westpac Banking Corporation (1991) 25 NSWLR 593 Mettoy Pension Trustees Ltd v Evans [1990] 1 WLR 1587 Rapa v Patience (unreported, NSWSC, 14 April 1985) Wilkinson v Clerical Administrative and Related Employees Superannuation Pty Ltd (1997) 7 FCR 469 Wilson v Metro Goldwyn Mayer (1980) 18 NSWLR 730 HIH Superannuation Pty Limited - Plaintiff Andrew Mackintosh - First Defendant PARTIES : Harry Ellison - Second Defendant Bob Baggett - Third Defendant Peter Duesbury - Fourth Defendant Ross Eade - Fifth Defendant FILE NUMBER(S) : SC 3196/02 Mr P L G Brereton SC/Mr T M Faulkner - Plaintiff (Mentions for Second and Third Defendants) COUNSEL : Mr T G R Parker - First Defendant Mr P T Newton - Fourth Defendant Mr T J Breene, Solicitor - Fifth Defendant Mallesons Stephen Jaques - Plaintiff Allens Arthur Robinson - First Defendant SOLICITORS : Corrs Chambers Westgarth - Second Defendant Gadens - Third Defendant Kemp Strang - Fourth Defendant Edward T Davis & Co - Fifth Defendant