About the Fund and trustee
The activities of the trustee and the Fund are regulated by Australian Prudential Regulation Authority (APRA) and the Australian Securities & Investments Commission (ASIC).
The trust deed
The obligations of the trustee and the rights of the members are determined by the trust deed (including the rules of the Fund) and laws relating to superannuation. Some of those provisions are discussed elsewhere in this PDS.
The trust deed and/or superannuation laws also cover matters such as restrictions on borrowing by the Fund, the effect of bankruptcy of a member, circumstances in which benefits are payable or can be forfeited, the powers and duties of the trustee, the appointment and removal of the trustee, the liability and indemnity of the trustee, member’s contributions, withdrawals and benefits, amendments to the trust deed and termination of the Fund. If you require further information, the trust deed is available free of charge from us.
Your rights
As a member, you have an interest in all of the assets of the Avenue Superannuation Plan. You do not have a right to any particular underlying investments held by the trustee, or to participate in the management of those investments.
The assets of all investment options are legally available to meet the liabilities of other investment options of the relevant trust in the unlikely event that the assets of that investment option are insufficient to meet its liabilities.
Operationally, however, the trustee will segregate and attribute the assets to individual accounts.
Trustee
MIML is the trustee of the Fund. Our obligations as trustee include (but are not limited to):
- to choose the investment options available to members within each investment strategy
- to ensure the Fund operates in accordance with its trust deed and continues to be a complying superannuation fund
- to report regularly to you and
- to keep the Fund’s assets safe.
Whilst it is not intended in the foreseeable future, we may wish to retire or sell our right to act as trustee of The Avenue Retirement Service.
Part A of the Avenue Retirement Service PDS