Aviva has refunded more than more than $1 million worth of contribution taxes in the last year to eligible dependents of deceased superannuation members.
The automatic anti-detriment testing process means an additional amount is included in a deceased member’s benefit payment.
This typically represents a refund of 3.5 per cent of the member’s total benefit and usually equates to $9,000.
While it is not compulsory for a superannuation fund to provide for anti-detriment, Aviva’s Navigator Access, Business Super and Personal Retirement Plans each offer the benefit.
As such, Aviva general manager of wealth management Andrew Barker said advisers should look for the anti-detriment benefit when considering super switching.
“Advisers and investors should look carefully when considering switching super funds to check whether the super fund they are switching to provides for additional anti-detriment payments,” Andrew said.
“Our members have the comfort of knowing that their beneficiaries could gain from an important — but often overlooked — tax break.”
