Superannuation Death Benefit Distribution Disputes
Working Australians accumulate superannuation benefits during their years in the work force and expect should the unexpected occur, their superannuation will be paid as per their nomination of beneficiary as noted within their application to join their superannuation fund. This is certainly not the case!
A death benefit payment within a superannuation fund may consist of a member account balance (which is an accumulation of member and employer compulsory contributions) and an insured benefit.
When a member of a superannuation fund passes away, their superannuation is distributed according to whom may be entitled to the monies according to the superannuation legislation [Superannuation Industry (Supervision) ACT 1993]. The superannuation fund will undertake a claim staking process to identify any persons who may be entitled to a benefit and request that they indicate if they wish to be considered in the distribution of the benefit.
Persons to whom the benefit may be paid include the following persons;
- A person who was financially dependent upon the deceased member as at the date of death;
- A person whom was not financially dependant if there are no financial dependants or a person who had an interdependency relationship with the deceased (as described within the legislation) or;
- The legal personal representative such as the Executor of the Estate.
These claims can be difficult if you do not understand your entitlements under superannuation law as well as the process that is undertaken during the difficult time when a loved one has passed away.
Visit our Superannuation Lawyers website for full information on death benefit claims including case studies on this service area.
Here are GMP we can provide you with a service that ensures you receive your entitlements as well as undertaking the management of your claim which can be very difficult in the circumstances you find yourself in. We will attend to the lodgement of your claim, lodgement of a dispute in the event you are not satisfied with the distribution made by the Superannuation Fund Trustees as well as the lodgement and representation if required through the external dispute resolution service provided through the Superannuation Complaints Tribunal.
Please call us on 1800 004 878 to discuss how we may assist you.