Who inherits your superannuation when you die? | The Business | ABC NEWS

By ABC News (Australia)

Community Score: 50% | 6.1K views | 1w

0 community ratings: null thumbs up, null thumbs down

Super Consumers estimates more than 15.5 million people do not have a binding death benefit nomination, meaning their superannuation fund can decide who inherits their accumulated super and any insurance when they die. Superannuation does not automatically form part of a person's estate or pass according to their will, because it is held in a trust managed by a superannuation fund trustee. As the trustee, the super fund may have the discretion to decide who inherits the member's money. This is especially the case when there is a "non-binding nomination" and no financial dependents. Not all funds offer a "binding death benefit nomination", so Australians are being urged to check they have one, and that it doesn't lapse after three years. The regulator, the Australian Securities and Investments Commission (ASIC) is also ramping up its surveillance of super funds. ASIC Commissioner Simone Constant is calling on funds to do better in informing members about how to make a binding nomin

Tags: Australia, abc, abc news, news, superannuation, super, death benefits, binding nomination, non-binding nomination, insurance, super funds, super inheritance, who inherits your super, asic, super consumers, business news, finance news, economic news, economy, finance