Superannuation binding death benefit nominations and kinship structures
The submission to the Treasury regarding its Discussion Paper on Superannuation binding death benefit nominations and kinship structures was prepared by the Law Council.
The Law Council is grateful for the assistance of its Indigenous Legal Issues Committee, Elder Law and Succession Law Committee, Superannuation Committee of the Legal Practice Section, the Law Society of South Australia and the Law Society of New South Wales in the preparation of this submission.
The Law Council considers the issue of superannuation death benefits in connection with kinship structures to be important and worthy of exploration in greater detail. The Law Council understands that current approaches may negatively and unfairly impact Aboriginal and Torres Strait Islander people and communities, and suggests broader consultation with Aboriginal and Torres Strait Islander peoples would be appropriate to determine whether changes are needed, and the nature of those changes.
The Law Council notes that there is scope to locate and explore other case studies beyond the experience of the Lockhart River community addressed through the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. At this stage, the Law Council appreciates the opportunity to make some broad observations and comments for consideration by the Treasury in the course of its deliberations.
You can read the full submission below.