Binding Death Benefit Nominations (BDBN)

Treasury consults on binding nominations and kinship structures

Treasury is consulting on potential changes to superannuation binding death benefit nominations to reflect kinship structures. The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry noted that there are questions over if a binding death nomination can be made that reflects kinship… Read More »Treasury consults on binding nominations and kinship structures

Advisers cutting corners may be making binding nominations invalid: ASIC

ASIC has put the financial advice sector “on notice” for cutting corners on superannuation Binding Death Benefit Nominations (BDBNs), in particular around witnessing. ASIC says it has become aware of a “widespread practice” among financial advisers of witnessing, or having staff witness, the signing of Binding Death Benefit Nominations by… Read More »Advisers cutting corners may be making binding nominations invalid: ASIC

Court rules BDBN not binding due to error: Munro v Munro

Binding Death Benefit Nominations (BDBN), Munro & Anor v Munro & Anor [2015] QSC 61, Munro v MunroThe Supreme Court of Queensland has ruled an incorrectly completed Binding Death Benefit Nomination (BDBN) for an SMSF was not binding on the trustees, reiterating the care that must be taken with these documents to ensure they are effective.

The court, in the case Munro v Munro (Munro & Anor v Munro & Anor [2015] QSC 61), said that the BDBN for Mr Munro, a solicitor, was not binding because it did not meet the requirements of the SMSF deed or Superannuation Industry (Supervision) Act 1993 (SIS Act).

Read More »Court rules BDBN not binding due to error: Munro v Munro