Superannuation and other funds
14 Superannuation and other funds
The rule against perpetuities does not invalidate a fund established by a settlement for the benefit of—
employees; or
self-employed persons; or
domestic partners, children, grandchildren, parents, dependants or legal personal representatives of employees or self-employed persons; or
Note For the meaning of domestic partner, see Legislation Act, s 169.
persons duly selected or nominated for that purpose by employees or self-employed persons pursuant to the provisions of the settlement.
This section applies to settlements taking effect before, on or after the commencement date.
In this section:
employees includes directors, officers, servants and employees of any employer.
fund means a provident, superannuation, sick, accident, assurance, unemployment, pension or co‑operative benefit fund, scheme, arrangement or provision or other like fund, scheme, arrangement or provision.
self-employed persons includes persons engaged on their own behalf in any lawful profession, trade, occupation or calling.
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