My super fund has told me they are obligated to revert my nominated binding beneficiary to non-binding every 3 years and I have to lodge a request to make it binding again. If this is so why and why can I not be in control of who my beneficiary is irrespective of changes in my circumstances. It should be up to me to change it if I choose and not the fund.
Hi @Hilly09,
Have a chat with Australian Prudential Regulations Authority (APRA). They may need to investigate.
APRA is responsible for making sure banking, insurance and superannuation businesses operate correctly.
Your super fund is required to comply with the law.
BDBN created under SISR 6.17A and limited to 3 years.
http://classic.austlii.edu.au/au/legis/cth/consol_reg/sir1994582/s6.17a.html
I cannot find a single reference to binding nor non-binding beneficiaries in that document. If I so choose to leave MY MONEY to my chosen beneficiary, what good reason does a super fund have to override my wishes!
I have a family member that is with Rest Super and they DO NOT revert binding beneficiaries to non binding every 3 years so how can it be a legal requirement if they don't but Australian Super do????
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