Superannuation and other funds
13 Superannuation and other funds
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 in any lawful profession, trade, occupation or calling.
The rule against perpetuities does not invalidate a fund established by a settlement for the benefit of:
employees,
self-employed persons,
spouses, children, grandchildren, parents, dependants or legal personal representatives of employees or self-employed persons, or
persons duly selected or nominated for that purpose by employees or self-employed persons pursuant to the provisions of the settlement.
The rule against perpetuities does not invalidate a trust established by a settlement and used for investing the assets of a fund referred to in subsection (2) (whether or not it is also used for investing other assets). This subsection does not affect the generality of subsection (2).
This section applies to settlements taking effect before, on or after the appointed day.
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