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ASFA releases super death benefit fact sheet
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.
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