Superannuation Alert 31.8.18
Financial Services - 31 August 2018
Royal Commission - Closing submissions
On 28 August 2018, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry released the closing submissions of Counsel Assisting in relation to the matters heard in the fifth round of public hearings on superannuation (conducted between 6-17 August 2018).
The submissions address, among other things, the findings which Counsel Assisting submits are open to be made by the Commissioner following the relevant hearings.
Case law - Superannuation binding death benefit nomination made by enduring attorney
On 24 August 2018, the Supreme Court of Queensland handed down its decision in Re Narumon Pty Ltd  QSC 185. The case involved the trustee of a self-managed superannuation fund, Narumon Pty Ltd, making applications for certain declarations and orders to resolve some uncertainties in relation to the administration of the fund.
Among other things the Court considered whether a binding death benefit nomination, made by a member of the relevant fund, which was valid for a period of three years after the nomination was made, could be extended by the attorney of the member appointed under a Power of Attorney in circumstances where the attorney stood to benefit incidentally from the extension of the nomination.
The Court considered the provisions of the Superannuation Industry (Supervision) Act 1993 and Regulations relevant to the nomination of beneficiaries, and the relevant provisions of the Powers of Attorney Act 1998 (Qld). It ultimately held that the extension could be validly made by the attorney on the basis that in the circumstances, there was no real conflict between the interests of the attorney and the duties the attorney owed to the principal (i.e. the fund member).
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