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.
