Payment of superannuation benefits on the death of a person is a complex legal area.
Some superannuation funds allow members to make nominations in relation to their superannuation benefits upon death whereby the member nominates a particular beneficiary. The choice of beneficiaries is very narrow under the law. Some funds allow these nominations to be binding, but many do not. Many binding nominations lapse after three years, but not all.
Great care needs to be taken in relation to the above options. A nomination is like a will in relation to your superannuation, and often governs an asset of very substantial value. This applies regardless of whether the superannuation benefits are in an industry fund, a retail fund, or a self-managed superannuation fund.
We offer expert advice in relation to disputes concerning superannuation death benefits and applications to the Superannuation Complaints Tribunal.