Perpetual adds anti-detriment
Perpetual has announced changes to its WealthFocus platform that will allow for anti-detriment payments.
The company said the changes would see the anti-detriment payments made to certain dependents or a dependent’s estate in the event of a member’s death.
Explaining the move, Perpetual chief operating officer Eric Wang said that an anti-detriment payment was an additional amount that might be payable if a death benefit was paid as a lump sum to an eligible dependent and was effectively a refund of contributions tax paid by the deceased member and in some cases could also be passed to eligible estates.
“Enabling anti-detriment payments can significantly increase the final amount of benefits paid upon death,” he said. “This upgrade will allow advisers to automate this process, delivering greater value to the client in a simple and efficient way.”
Wang said the move had been implemented in response to adviser and client feedback that highlighted the importance of ensuring a client received maximum entitlements in the event of death.
AUTHOR
Mike Taylor
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