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15.7 million Australians may lack a binding nomination for their super
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World News Headlines, Latest International News, World Breaking News - Times of India
Super Consumers Australia research has found that many Australians either don’t have a binding nomination or may have been inadequately informed about making one.
Instead the money is put in a trust and managed by the super fund’s trustee.
Only 10 per cent said they had been contacted and 13 per cent said they already had a binding nomination.
ABC eported the story of Brooke Allan, whose uncle had added her and her cousin to a death benefit nomination form with Cbus.
Depending on the fund and the type of nomination, binding nominations may also need to be renewed from time to time.