AMP Superannuation Limited as Trustee of the AMP Superannuation Savings Trust [2011] NSWSC 1439

Supreme Court New South Wales

Medium Neutral Citation: AMP Superannuation Limited as Trustee of the AMP Superannuation Savings Trust [2011] NSWSC 1439 Hearing dates: 22/11/2011 Decision date: 22 November 2011 Jurisdiction: Equity Division Before: Acting Justice Windeyer Decision: Answers to questions in the summons : 1A: Not answered. 1B: The trustee has power to implement the employer proposal, and it is open to it the trustee to be satisfied implementation of the proposal is reasonable. If after considering the reasons I have given it forms the opinion it should no longer pursue the implementation of proposal A, in that case it would be justified in implementing the employer's proposal. I order that the plaintiff's costs be paid on the indemnity basis be paid out of the assets of the Chartwell Industry Superannuation Plan. The exhibits can be returned. Catchwords: CORPORATIONS - Judicial advice - Proposal to distribute surplus in superannuation fund Legislation Cited: Superannuation Industry (Supervision) Act 1993 Trustee Act 1925 Cases Cited: Invensys Australia Superannuation Fund Pty Limited v Austrac Investments Limited (2006) 15 VR 87 Macedonian Orthodox Community Church Saint Peter Incorporated v his Eminence the Diocesan Bishop of Macedonian Orthodox Diocese of Australia and New Zealand (2008) 237 CLR 66 Category: Principal judgment Parties: AMP Superannuation Limited as Trustee of the AMP Superannuation Savings Trust Representation: Counsel: Mr MJ Leeming SC, Mr SM Nixon (AMP Superannuation Ltd) Mr B Katekar (Chartwell Industries Ltd, Minsmere Pty Ltd, ASHCA Pty Ltd) Solicitors: Clayton Utz (AMP Superannuation Ltd) Allens Arthur Robinson (Chartwell Industries Ltd, Minsmere Pty Ltd, ASHCA Pty Ltd) File Number(s): 2011/00361175