Many super members fail to realise superannuation is treated different to other assets when they die and are failing to plan for it, according to the Association of Superannuation Funds of Australia (ASFA).
CEO Pauline Vamos said ASFA has released a new fact sheet with information on how to nominate a beneficiary for their super death benefit.
"Being specific about their wishes and providing the right information to their fund is therefore crucially important," she said.
ASFA also released a best practice paper for its members on managing death benefit claims, which covers topics like the payment of death benefit lump sums and income streams, and the tax treatment of them, dealing with binding and non-binding nominations, and decide on the allocation of benefits between dependents.
"Many claims can be made online, and help is available through your fund and they rarely require legal input. Most of the time, involving lawyers can drive up the costs and complexity of the process unnecessarily," Vamos said.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
Add new comment