Supe
Co sume s
Aust alia
esea ch
has
fou d
that
ma y
Aust alia s
eithe
do ’t
have
a
bi di g
omi atio
o
may
have
bee
i adequately
i fo med
about
maki g
o e.
Millio s
of
Aust alia s
may
believe
thei
supe a uatio
will
automatically
go
to
the
people
they
ame
i
thei
will
whe
they
die.
But
this
is
ot
ecessa ily
so.
A
ece t
ews
epo t
by
ABC
I fo matio
&
Se vices
News
suggests
that
a ou d
15.7
millio
Aust alia s
may
ot
have
a
legally
bi di g
death-be efit
omi atio ,
which
would
give
supe
fu ds
a
fai
amou t
of
disc etio
ove
who
gets
the
mo ey.
The
issue
is
d awi g
atte tio
as
egulato s
a d
co sume
advocates
call
fo
clea e
ules
a d
faste
p ocessi g
of
death-be efit
claims.
Why
you
supe
is ’t
co t olled
by
you
will
If
we
go
by
the
epo t,
supe a uatio
is
ot
automatically
i cluded
i
a
pe so ’s
estate
as
a
ge e al
ule.
I stead
the
mo ey
is
put
i
a
t ust
a d
ma aged
by
the
supe
fu d’s
t ustee.
The
t ustee
dete mi es
who
is
e titled
to
eceive
the
accumulated
supe a uatio
a d
a y
i su a ce
be efits
payable
o
the
death
of
a
membe .
This
mea s
a
membe ’s
will
may
ot
be
e ough
to
e su e
thei
supe
goes
to
thei
p efe ed
be eficia ies.
Bi di g
death
be efit
omi atio s
ca
add
ce tai ty,
by
legally
bi di g
the
t ustee
to
pay
the
be efit
to
eligible
be eficia ies
o
the
membe ’s
estate.
15.7
millio
Aust alia s
could
be
omi atio -f ee
Acco di g
to
a
Supe
Co sume s
Aust alia
esea ch,
expe ts
have
fou d
ma y
Aust alia s
eithe
do ’t
have
a
bi di g
omi atio
o
may
have
bee
i adequately
i fo med
about
maki g
o e.
I
a
2025
su vey
of
5,000
people
by
the
o ga izatio ,
67
pe
ce t
said
they
had
ot
bee
co tacted
by
thei
supe
fu d
i
the
past
yea
to
make
a
bi di g
death-be efit
omi atio .
O ly
10
pe
ce t
said
they
had
bee
co tacted
a d
13
pe
ce t
said
they
al eady
had
a
bi di g
omi atio .
Based
o
these
fi di gs
a d
Aust alia
Taxatio
Office
data
showi g
app oximately
18
millio
people
have
a
supe a uatio
accou t,
Supe
Co sume s
estimated
that
about
15.7
millio
people
may
ot
have
a
bi di g
omi atio .It
is
also
me tio ed
that
supe
fu ds
eed
to
do
mo e
to
explai
the
sig ifica ce
of
these
omi atio s
a d
to
make
the
p ocess
easie
fo
membe s,
the
o ga izatio
said.A
family
dispute
b i gs
the
issue
to
light.
ABC
epo ted
the
sto y
of
B ooke
Alla ,
whose
u cle
had
added
he
a d
he
cousi
to
a
death
be efit
omi atio
fo m
with
Cbus.
Afte
his
death
i
2024,
the
two
ieces
t ied
to
claim
the
supe a uatio ,
thi ki g
the
omi atio
showed
his
wishes.
Late ,
howeve ,
the
fu d
discove ed
that
the
omi atio
was
ot
legally
bi di g.
Cbus
eve tually
paid
out
about
$130,000
to
the
ma ’s
est a ged
so ,
ide tified
by
the
t ustee
as
his
sole
depe da t
u de
supe a uatio
ules.The
case
shows
the
disti ctio
betwee
a
membe
exp essi g
a
p efe e ce
a d
a
bi di g
legal
omi atio .
If
a
pe so
has
made
thei
wishes
k ow ,
eve
i
the
fo m
of
a
o -bi di g
omi atio ,
the
t ustee
has
the
fi al
say.
Not
all
omi atio s
a e
c eated
equal
Death
be efit
omi atio s
come
i
diffe e t
fo ms
a d
ot
all
supe
fu ds
offe
the
same
optio s.
The
ews
epo t
states
tha
a
bi di g
death-be efit
omi atio
is
a
legally
e fo ceable
di ectio
to
the
t ustee
to
pay
the
be efit
to
eligible
be eficia ies
o
the
membe ’s
estate,
if
the
omi atio
satisfies
the
eleva t
equi eme ts.
A d,
the
o -bi di g
omi atio
o ly
eflects
the
membe ’s
p efe e ce.
The
t ustee
ca
choose
who
gets
the
mo ey.
Also,
a
eve sio a y
omi atio
(fo
some
pe sio
accou ts)
mea s
you
pe sio
will
co ti ue
to
a
eligible
depe da t
whe
you
die.
Depe di g
o
the
fu d
a d
the
type
of
omi atio ,
bi di g
omi atio s
may
also
eed
to
be
e ewed
f om
time
to
time.
Some
fu ds
allow
you
to
make
o -lapsi g
bi di g
omi atio s.
Who
ca
get
Supe a uatio ?
Death
be efits
a e
ge e ally
subject
to
supe a uatio
law
est ictio s,
states
the
epo t.
Eligible
be eficia ies
ca
i clude
a
spouse
o
pa t e ,
child e
a d
people
who
we e
fi a cially
depe de t
o
the
deceased.
A
membe
may
also
omi ate
thei
legal
pe so al
ep ese tative.
Whe e
this
is
the
case,
the
be efit
will
be
paid
to
the
membe ’s
estate
a d
dist ibuted
acco di g
to
the
membe ’s
estate
a a geme ts.
This
mea s
membe s
eed
to
u de sta d
the
ules
of
thei
supe
fu d
a d
the
legal
obligatio s
fo
be eficia ies.
Regulato s
tell
fu ds
to
imp ove
p ocess
The
epo t
states
that
ASIC
has
bee
looki g
i to
how
supe
fu ds
deal
with
death
be efit
claims.
Its
eviews
have
fou d
that
the
p ocessi g
time
fo
claims
i volvi g
o
omi atio
a d
a
o -bi di g
omi atio
ca
be
lo ge .
ASIC
has
also
exp essed
co ce
at
the
f eque cy
with
which
fu ds
equi e
membe s
to
update
thei
omi atio s.
Some
t ustees
had
co tacted
membe s
o ce
befo e
a
omi atio
had
expi ed,
while
othe s
had
co tacted
membe s
ea
expi y.
The
egulato
has
u ged
supe
fu ds
to
be
mo e
p oactive
i
helpi g
membe s
u de sta d
a d
etai
thei
omi atio s,
states
ABC
epo t.
Gove me t
to
thi k
about
compulso y
time
f ames
The
fede al
gove me t
is
also
co side i g
i t oduci g
ma dato y
timef ames
fo
supe
fu ds
to
espo d
to
i su a ce
claims,
i cludi g
death-be efit
claims.
Co sume
advocates
say
the
e d-to-e d
deadli es
eed
to
be
tighte ed
up,
a gui g
families
should ’t
have
to
wait
fo eve
fo
claims
to
be
assessed.
But
i dust y
ep ese tatives
have
said
complicated
cases
i volvi g
competi g
claims
may
equi e
mo e
time
fo
t ustees
to
ca efully
assess
the
ci cumsta ces.Images
Cou tesy:
istock
