Manglicmot v Commonwealth Bank Officers Superannuation
Corporation Pty Ltd [2011] NSWCA 204
Introduction
In Manglicmot v Commonwealth Bank Officers Superannuation
Corporation Pty Ltd [2011] NSWCA 204, the NSW Court of Appeal
examined the scope of the fiduciary duties owed by superannuation
trustees to members when changing over group TPD insurance
policies. In the judgment, the appeal court provides guidance on
the construction of TPD coverage clauses and conducts a useful
analysis of the due diligence process to be followed by trustees
when evaluating alternate insurance arrangements.
Facts
The respondent (the "Trustee") was the trustee of a
superannuation fund (the "Fund") established for the
benefit of employees of the Commonwealth Bank of Australia (the
"Bank"). The Trustee annually obtained, from an insurer,
a group insurance policy providing, among other things, TPD
benefits for Fund members.
