17Superannuation funds and other benefits

17 Superannuation funds and other benefits

(1)  The rule against perpetuities does not apply and is taken never to have applied so as to render void –

(a) a trust or fund established for the purpose of making provision for any of the purposes specified in subsection (2) for –

(i) the servants or employees of any employer; or

(ii) the spouses, children, grandchildren, parents, dependants or legal personal representatives of any such servants or employees; or

(iii) any persons duly selected or nominated for that purpose by any such servants or employees pursuant to the provisions of that trust or fund; or

(b) a trust or fund established for the purpose of making provision for any of the purposes specified in subsection (2) for –

(i) persons, other than employees, engaged in any lawful profession, trade, occupation or calling or the spouses, children, grandchildren, parents, dependants or the legal personal representatives of any of those persons; or

(ii) any persons duly selected or nominated for that purpose pursuant to the provisions of the trust or fund.

(2)  Subsection (1) applies to a trust or fund established for any of the following purposes:

(a) superannuation;

(b) pensions;

(c) retiring allowances;

(d) long service leave payments or payment in place of long service leave;

(e) bonuses and other payments based on service;

(f) scholarships and other provisions for the education of children;

(g) payments in the event of death, sickness or incapacity;

(h) any other assistance, benefits, allowances or gratuities.

(3)  This section does not render any trustee liable for any act done –