Superannuation Claims

Superannuation is a compulsory, regular payment made by an employer to an employee that is set aside in a super fund to support the employee in retirement. After an individual passes away, their superannuation funds can often contain several hundred thousand dollars, particularly if the individual remained at work at the time they passed away.

An individual’s superannuation fund is not considered part of their estate.

Superannuation generally cannot be included in your will. Your will only covers assets that are personally owned such as a house, car, savings or heirlooms. Superannuation is held in a trust by a trustee, and is therefore governed by different laws.

If you are an executor of a will or the family member of a deceased person with a superannuation fund, you have the right to contact the deceased’s super fund to find out if you are eligible to receive any payment. The steps for claiming deceased superannuation death benefits are:

1. Contacting the super fund and explaining your situation.
2. You will be assigned a case manager who will determine your eligibility.
3. If you claim is eligible, you case manager will send you forms to fill out.
4. The trustee will assess your application.
5. A decision is made and any individual who made a claim will be notified.
6. When any objections have been dealt with, the deceased superannuation will be distributed.

A binding death nomination is a legally binding nomination that allows an individual to advise a trustee on who is going to receive their superannuation benefit if they pass away. Binding death nominations ensure the nominated beneficiary receives the payment intended for them.

You can change or revoke your binding death nomination whenever you want. To change the binding death nomination, you must create a new nomination form and provide it to the trustee. You must also provide written notice to your trustee if you wish to revoke your existing binding death nomination.

Death benefits are the amount of money an insurance company will pay upon the death of an insured individual to their chosen beneficiaries.