Binding Nomination Made Under Power of Attorney – some answers

Can a superannuation fund accept a binding death benefit nomination executed under a power of attorney?  This is a question funds have been asking for a long time.  Finally, we have some answers. On 24 August 2018, the Supreme Court of Queensland considered this question in depth in Re Narumon Pty Ltd [2018] QSC 185. …

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Same-sex Marriage and Superannuation

Same-sex marriage and Superannuation Superannuation fund trustees need to be alert to the impact the same-sex marriage laws have in superannuation.  The new law changed the definition of “spouse”, which has a flow-on effect to definitions in the SIS Act of “spouse”, “dependant” and “relative”. Death benefits Some think the new laws aren’t relevant for…

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Why don’t funds offer more flexible BDBNs?

The industry fund and retail sectors are competing against the SMSF market that is heavily promoted by many accountants and financial advisers. And whilst the factors that draw investors to SMSFs are numerous and diverse, control is a significant one. One area of control that is attractive to financial and estate planners relates to Binding…

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