Binding Nominations for Super Funds

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August 6, 2017

Mark Barrett

Lawyer

Civil Litigation

Contracts

It is of paramount importance that, if a member of a self-managed superannuation fund (SMSF) is considering making a death binding nomination, the member should be familiar with the definition of “dependant” and to whom superannuation benefits can be cashed.

the absence of a nomination, a trustee has the discretionary power to determine how the benefits should be distributed in accordance with the trust deed, trust law and the superannuation legislation. However, if the rules in the trust deed are inconsistent with the superannuation legislation, the latter will prevail.

"Most people spend more time and

energy going around problems than in trying to solve them"

– Henry Ford

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