Television Education Network
TEN
Upon the death of a member of a self managed superannuation fund (SMSF), the member’s benefits in the SMSF must be cashed ‘as soon as practicable’ after the member dies under regulation 6.21(1) of the Superannuation Industry (Supervision) Regulations 1994. But how and to whom should those benefits be paid?
When deciding what is to happen to their superannuation benefits upon their death, a member broadly has two options:
Leave it to the discretion of the people running their SMSF upon death;
Make a binding death benefit nomination (BDBN).
This paper explores the pros and cons of each of these options and highlights how SMSF succession planning should form a key component of a member’s overall estate plans.
All references in this paper are to the Superannuation Industry (Supervision) Act 1993 (SIS Act) and the Superannuation Industry (Supervision) Regulations 1994 (SIS Regs) unless otherwise stated.
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