But the superannuation company said it was binding

They told me I don't have to sign it again

We hear this from a lot of clients, the superannuation told me this is permanent, I do not have to sign another form.

I am sure that the superannuation company did tell you that, and I am sure that they thought this advice was accurate.  The thing is, they are wrong.

There is special legislation that allows a Government Tribunal, the Australian Financial Complaints Authority, to review any death benefit nomination that was signed more than three years before the date of death.  The superannuation company might personally treat it as binding, but an aggrieved party could take you before this Tribunal and have it thrown out.

 

 

But why?

Quite simply, because the legalisation says so.  If you want to read the legislation then click on the link to the right.

You need to scroll to the bottom to see the three year restriction.

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