A new service is on offer to super funds and lawyers which ensures that the requirements of Part VIIIb of the Family Law Act are met in relation to super benefits and divorce.
Called Super Divorce Services, it has been set up as a conduit to facilitate the speedy and efficient flow of information between clients, family lawyers and super fund trustees trying to deal with the new super-splitting regime.
As authorised representatives of Totally Independent Financial Planning, Super Divorce Services partners Tricia Peters and Katrina Knell have established relationships with over 50 law firms and numerous super funds. They will help clients to complete the relevant documentation, including the Form 6 declaration which they forward to the super fund trustee with the appropriate fee.
The information obtained from the trustee is then checked and forwarded to the law firm with a checklist of any relevant information. On receipt of the Court order, Super Divorce Services can advise on implementation procedures to ensure the smooth and timely rollover of superannuation interests to the non-member spouse.
To date, problems have been found with around 10 per cent of documents completed by trustees requiring follow-up to assist in obtaining the correct information. Super Divorce Services also provides training sessions to help customer service, administration and the legal staff of super funds meet the legal requirements.
The standard fee charged to the client for the valuation service is $150 (plus GST), with $50 per additional superannuation account to be valued for the same client.
