Rule 309 says a beneficiary has no interest in an insurance policy the trustees take out and is entitled only to an annuity from the fund, and that no money of the fund is receivable by the employer, who has no lien or charge on it.
309
Rules 2026 · Rule 309
Beneficiary not to have any interest in insurance and employer not to have any interest in moneys of fund (approved superannuation fund)
Rules 261-310
The rule. No beneficiary has any interest in any insurance policy taken out by the trustees under the fund's rules; he is entitled only to an annuity from the fund (sub-rule 1). No money belonging to the fund is receivable by the employer under any circumstances, and the employer has no lien or charge on the fund (sub-rule 2).