100% Locally Owned, Independent and Free

100% Locally Owned, Independent and Free

Business 2 Business: Benefit delays cause significant distress

Sponsored Content

Do you have a news tip? Click here to send to our news team.

Retrospective approval sought for depot beside motorway

An application to convert a rural block into a transport depot is now open for public notification, with the retrospective plans lodged in response More

Industrial site sells for $3.4m in off-market deal

A freestanding industrial facility has fetched $3.4 million in an off-market transaction, highlighting the ongoing strength of the Sunshine Coast market. The sale of the More

$250k makeover for supported living home

Five housemates have moved back into their supported independent living house after a five-month, $250,000 renovation to refresh and modernise their ‘family’ home. Buderim housemates More

Ashley Robinson: Big losses to our community

I probably didn’t realise how the new-age digital world would impact simple but important things that we normally take for granted. What I am on More

Deadly snake found far from home sparks investigation

A highly venomous snake has been found far from its usual range, sparking a rare job for snake handlers and an investigation by authorities. A More

Long-term holiday park tenants could be phased out

Sunshine Coast Council may gradually phase out long-term residents at a local holiday park by adopting a “natural attrition” approach to tenancy agreements. Currently long-term More

I noted with interest the Australian Securities and Investments Commission (ASIC) has commenced penalty proceedings against the Construction and Building Unions Superannuation Fund (CBUS).

ASIC alleges CBUS failed to act efficiently when CBUS handled claims being made for Death Benefits. ASIC asserts CBUS failed its members at their most vulnerable time.

I certainly agree delays in family members being able to receive Death Benefits following the loss of a loved one causes significant distress. A Trustee of a Superannuation Fund has an obligation to pay a member’s entitlements as soon as practicable after their death.

The ASIC proceedings highlight the importance of making sure you have, as part of your estate plan, arrangements with respect to your superannuation in place. Typically, a member can give a direction to the Trustee through a Binding Death Benefit Nomination (BDBN) as to how their Death Benefits are to be paid.

If you don’t have a BDBN in place, the payment of your Death Benefit is left to the discretion of the Trustee. By leaving matters to the discretion of a Trustee, you can significantly delay the payment of your Death Benefit. A BDBN removes the Trustee’s discretion and gives certainty as to whom benefits are to be paid.

Trent Wakerley, Director, Kruger Law, Level 3, Ocean Central, Ocean Street, Maroochydore, 5443 9600, krugerlaw.com.au

This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your email below.

Subscribe to SCN’s free daily news email

This field is hidden when viewing the form
This field is for validation purposes and should be left unchanged.
[scn_go_back_button] Return Home
Share