Australia's Worst White-Collar Crime and Cover-Up

Phillip Sweeney made this Freedom of Information request to Australian Prudential Regulation Authority

Response to this request is long overdue. By law, under all circumstances, Australian Prudential Regulation Authority should have responded by now (details). You can complain by requesting an internal review.

From: Phillip Sweeney

Delivered

Dear Australian Prudential Regulation Authority,

I am lodging a request for documents pursuant the Freedom of Information Act 1982.

Background

A “successor fund transfer” took place on 1 July 2012 where:

Transferor Trustee was Local Super Pty Ltd (ABN[Phone Number Automatically Hidden])
Transferor Fund was Local Super ABN[Phone Number Automatically Hidden]98
Transferee Trustee was Statewide Superannuation Pty Ltd (ABN[Phone Number Automatically Hidden]23) L[Phone Number Automatically Hidden]
Transferee Fund was Statewide Superannuation Fund (ABN[Phone Number Automatically Hidden]98)

The Parliament of South Australia also enacted the Local Government (Superannuation Scheme) (Merger) Amendment Act 2012 (SA) to amend the terms of the Trust Deed of the Transferor Fund {Local Super} to allow the transfer of the Trust Estate to the Transferee Fund without the Trustees committing a Breach of Trust and to ensure that the members’ rights were protected subject to review by APRA.

The incumbent Chairperson of Statewide Superannuation Pty Ltd is Ms Juliet Brown OAM LLB FAICD

It is a mandatory requirement for the Trustees involved in a “successor fund transfer” to submit an “approved form” pursuant to subsection 145(2) of the Superannuation Industry (Supervision) Act 1993 {SIS Act} before APRA can approve the proposed “successor fund transfer” pursuant to Section 146 of the SIS Act

If APRA were to approve a proposed “successor fund transfer” without the lodgement of an “approved form” then APRA would be acting “ultra vires” the SIS Act and the purported “successor fund transfer” would be void.

If there was no lodgement of the mandated “approved form” this would also be a governance issue for the Chairperson and Board of Statewide Superannuation Pty Ltd.

The document I seek is the first two pages of the “approved form” pursuant subsection 145(2) which would identify the Transferor Trustee and the Transferee Trustee (and their ABNs) and the Transferor Fund and the Transferee Fund(and their ABNs).

It is common sense that this information would be the first information provided to APRA in the event of a proposed "successor fund transfer".

The names of the trustees and the funds and their ABNs is information that is already in the Public Domain and is not commercially sensitive information.

Yours faithfully,

Phillip Sweeney

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