Millions will have no say in who inherits their super | The Business | ABC NEWS

Описание: At least 6.5 million Australians will not have a say in who inherits their superannuation, according to new research from Super Consumers Australia shared exclusively with ABC News. Only a quarter of those surveyed were sure they had made a legally binding nomination for who they want to receive their super after they die, while 36 per cent had made no nomination at all. Experts warn non-binding nominations, which are easily made through super funds' websites, only tell the fund who the person wants their super money to go to when they die. It is still up to the superannuation fund to decide who gets the money. And, so when a person dies, that can pave the way for lengthy legal disputes between living family members and loved ones who try to make a claim to the money. Whereas binding nominations ensure the money goes to the person nominated as a beneficiary. Many super funds, including AustralianSuper, have come under fire in a review by corporate watchdog ASIC. The regulator wants super funds to make it easier for members to make binding nominations. It says too many of them are communicating in a way that the average Australian can't understand. There are also growing calls for the federal government to undertake an independent review of how the super death benefit system is working. Consumer groups and lawyers say there needs to be mandatory timeframes for super funds to respond to claims so that they don't drag out for years.
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