You work hard to build your superannuation. Make sure it works for you.

We all expect our superannuation to work for us. We accumulate as much as possible, invest wisely and consolidate our funds in the hope that it will be there when we need it to sustain a comfortable retirement. However, it is important to know that there are other times you can rely on your superannuation to work for you and your family.

Early access to your superannuation

If you have a physical or mental condition which causes you to permanently cease employment you may be entitled to access your superannuation prior to reaching retirement age. If you become terminally ill or experience extreme financial hardship you may also apply to have the proceeds of your superannuation made available to you.

Binding nomination

When it comes to superannuation, it is also important to consider who you want to receive your entitlements in the event you pass away. Bearing in mind, when you pass away, your superannuation entitlement may include a substantial life insurance component. For the family members left behind, the proceeds of your superannuation could be the difference between financial security and financial ruin.

It is essential to contact your superannuation fund to see how your particular benefit is structured. You may consider putting in place a binding death benefit nomination which provides the details of who you intend to receive the proceeds of your superannuation in the event of your death. If you do have a binding death benefit nomination, be sure you renew the nomination as often as the superannuation fund requires in order for it to remain a valid nomination.

Some superannuation funds do not permit binding death benefit nominations and the proceeds of your superannuation may therefore form part of your estate. However, superannuation does not automatically form part of your estate so it is important to make enquires with your fund so you know what will happen to your superannuation.

In circumstances where there is no binding death benefit nomination, or a nomination is not valid, the trustee of the superannuation fund determines who receives the proceeds of your superannuation. Eligible beneficiaries for superannuation benefits are the spouse, child, financial dependent or the executor of the estate of the person who has passed away. All potential beneficiaries may make an application to the trustee of the superannuation fund to have the proceeds paid to them. Anyone who is eligible to claim a superannuation death benefit of someone who has passed away should make contact with the superannuation fund as soon as possible and seek independent advice if required.

Talk to us about your superannuation claims

To make sure your superannuation works for you, it is important to think about how your superannuation benefit is structured and take steps now to secure the financial future of your family. Our team practices exclusively in Wills and Estate Law and are here to guide you through the process. If you require assistance accessing your superannuation, claiming a superannuation death benefit or need advice regarding superannuation, we encourage you to call us on (07) 3025 9000 for an obligation free initial case assessment.