The trustee of a leading public offer fund is refusing to pay the children of a man who thought he’d got his affairs in order before he died.
You don’t own your super. Your super is owned by the trustee of your super fund. One of the main flow-ons from this is that you can’t gift your super in your will. Again, it is the trustee of your super fund who can decide where your super goes when you die.
This is why Tom’s children are so confused and frustrated by what a leading public offer super fund has done by refusing to follow their father’s binding death benefit nomination.pay the benefit as the notice directs. Tom, with his daughter’s help, changed his nomination online. Later she helped him fill out the standard form and sent that to the fund via post. Both forms of the nomination were the same – everything to the children equally.
The trustee pointed to the trust deed of the fund which – deep within its many clauses, subclauses, paragraphs and subparagraphs – contains the statement that the trustee can invalidate the binding death benefit nomination “on the happening of any event, which the trustee may determine from time to time, occurs in relation to the member”.
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