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Hi I'm Margaret Antunes from Antunes Lawyers and today I'd like to talk about the superannuation time bomb. From industry funds, to retail funds, to self managed super funds in Australia today there is approximately three trillion dollars.

What governs what happens to your super fund if you pass away? What governs what happens to the death benefit payable from your super fund if you pass away and who gets it? Is it the Income Tax Assessment Act? No. Is it the Superannuation Industry Supervision Act? No. It is the terms of your super fund trust deed that determines who gets the death benefit in your super fund.

Whether it be an industry fund, a retail fund, or a self-managed super fund they're all governed by super fund trust deeds. How many people have read the super fund trust deed? Next to none. How many of your accountants have read your super fund trust deed? Next to none. How many of your financial planners have read your super fund trust deed? Next to none.

These days it's common for accountants, financial planners and some lawyers to order these trust deeds online. One size fits all, and these one size fits all online standard deeds pull in from the Superannuation Industry Supervision Act, definitions which you have no idea are in your deed and you don't want.

For example the SIS Act, the Superannuation Industry Supervision Act, defines spouse as your spouse, a defacto spouse, a same sex spouse and recognizes multiple spouses at the same time. The definition of child in the SIS Act means your child, your step-child, the child of any spouse, and considering you can have multiple spouses under the SIS Act at the same time. This is a large class of people. Do you have any idea this is what's in your super fund trust deed? No.

Not only that, your super fund trustee has a wide discretion. They can pay any dependent, and a dependent in the SIS Act is defined as a spouse or a dependent child. If there isn't a spouse or a dependent child, the trustee of your super fund can pay any person that has an affiliation to the deceased member.

How do you stop this? How do you ensure that trip the trustee of your super fund pays the people you want to be paid from the death benefit? You have to do a binding death benefit
nomination, but you can only do a non-lapsing binding death benefit nomination you’re your super fund trust deed permits it.

If you are a member of an industry or retail super fund, come and see Antunes Lawyers and we’ll advise you what the terms of those funds are. If you have a current self-managed super fund, come and see Antunes Lawyers and we will advise you what the terms of your super fund deed are and whether they suit your needs. If you are thinking of setting up a self-managed super fund come on Antunes Lawyers and we will set up a self-managed super fund for you that's tailored to your needs.

I look forward to seeing you.