Mercer Superannuation (Australia) Limited v Billinghurst – Trustee’s duty is to member (not retiring employer) – ‘transfer value’ of of defined pension benefit as ‘indexed’ – SCT decision upheld
The Full Federal Court has dismissed an appeal by a trustee of a superannuation fund in relation to the lump sum equivalent value of a lifetime pension to be paid to a defined benefit member upon the termination of an employer-sponsored superannuation plan. The respondent (Mr Billinghurst) had commenced receiving a lifetime pension of $98,780pa…