Commonwealth Bank Officers Superannuation Corporation Pty Ltd & Anor v Beck & Anor [2016] NSWCA 218

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Commonwealth Bank Officers Superannuation Corporation Pty Ltd & Anor v Beck & Anor [2016] NSWCA 218 Hearing dates: 15 March 2016 Date of orders: 22 August 2016 Decision date: 22 August 2016 Before: Bathurst CJ at [1]; Macfarlan JA at [189]; Gleeson JA at [196] Decision: 1 Appeal allowed. 2 Set aside the order made by the primary judge and in lieu thereof order: The proceedings be dismissed; The first respondent pay the appellants' costs of the appeal and in the Court below; Order that the first respondent be granted a certificate under the Suitors Fund Act 1951 (NSW) if eligible. Catchwords: CONTRACT – construction – whether amendment of trust in breach of trust deed – whether early retirement benefits clause conferred accrued benefit – meaning of "accrued benefit" – whether amendment authorised by amendment power in trust deed

EQUITY – trusts – right of member of superannuation fund – whether object of discretionary power of appointment or beneficiary with contingent beneficial interest

EQUITY – trusts – trustees – duties – whether breach of duty to act in best interests of beneficiaries

STATUTORY INTERPRETATION – whether power of amendment exercised in the "best interests of the beneficiaries" under s 52(2)(c) Superannuation Industry Supervision Act 1993 (Cth)

STATUTORY INTERPRETATION – whether trust amendment in breach of reg 13.16 Superannuation Industry (Supervision) Regulations 1994 (Cth) – meaning of "accrued benefits" in reg 13.16