Super benefits for same-sex couples
Fiona Reynolds
A majority of not-for-profit super funds have moved with the times and recognised the rights of same-sex partners in regards to death benefits entitlements, according to a survey by the Australian Institute of Superannuation Trustees (AIST).
The survey found that 33 funds currently have rules in place to pay death benefits to same-sex partners, and that 13 of those funds have already made such payments.
The results were released as the Rudd Government presented bills before the senate that will give same-sex relationships equal status to marriages and will make it easier for same-sex partners to access super entitlements when a partner dies, and also for super splitting in the event of a relationship breakdown.
AIST chief executive officer Fiona Reynolds said while it was clear many in the not-for-profit super industry were recognising the rights of same-sex couples, more needed to be done to ensure they were treated fairly by all super funds and in all circumstances.
“The proposed legislation will remove all discrimination from same-sex couples and ensure consistency across the industry in regards to superannuation entitlements,” Reynolds said.
According to Reynolds, existing laws denied same-sex partners access to the super contribution spouse tax offset, and that super lump sum death benefits were not automatically tax-free to same-sex partners as they are for others.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
