Miscellaneous 2015

Rectifying deficient binding death benefit nominations

Source: Taxation In Australia Journal Article

Published Date: 1 Dec 2015


The decision of the Supreme Court of Queensland in Munro's case establishes that, in order to be effective, a purported binding death benefit nomination needs to comply with the formal requirements of the superannuation fund deed, and/or relevant superannuation legislation. Any deviation will cause the nomination to be invalid, and therefore not binding on the trustee of a superannuation fund.

This article examines the decision and its implications for the drafting of binding death benefit nominations. In the author's view, the case is a reminder to practitioners that pre-emptive measures can be taken to set out a person's actual, subjective intention when entering into documents, and that relief may be sought to remedy a situation where the legal effect of a document differs from the subjective intent. The article discusses the nature of a binding death benefit nomination, and whether equity can rectify a power of appointment and voluntary settlements.

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Miscellaneous 2015

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