The Federal Government has passed a series of reforms that recognise all couples, regardless of the sexual orientation and gender. These changes mean that a person can nominate a same-sex partner (or child of same-sex relationship) as a beneficiary of their superannuation account. It also means that same-sex couples can now split their super contributions with their ‘spouse’ and they will have access to increased lump-sum death benefits via an ‘anti-detriment’ payment. Same-sex couples will also be able to divide property (including super accounts) upon the breakdown of a relationship. The nomination of a beneficiary to receive superannuation benefits should be considered with the same importance and at the same time as making a will. The superannuation fund trustee will have a procedure, if you want to make this nomination.
14th-November-2009 | 