National Conference 2022
Binding death benefit nominations (BDBNs) became popular from mid-1999 in both SMSFs and large APRA funds. There has been lots of disputes and litigation ever since (mid-1999) involving BDBNs.
Alternatives to BDBNs were therefore developed along the way such as SMSF Wills, death benefit rules, automatically reversionary pensions (after the ATO’s ruling TR 2013/5) and life interest pensions.
Daniel Butler and Bryce Figot, two experienced lawyers who have assisted in a number of the seminal cases and on many other death benefit and related disputes, will provide a succinct and up to date practical guide of what to be aware of, what tips and traps lie ahead and how to minimise risk.
- SMSF Wills v BDBNs – what works and what wins out?
- Death benefit rules – how do these work?
- BDBNs v automatically reversionary pensions – what wins out and how to work that out?
- Life interest pensions – do these even comply with super law?
At the end of this session, you will be able to:
Determine how SMSF Wills, BDBNs, Automatically reversionary pensions and life interest pensions interrelate with each other and what are the key issues and risks that you should be aware of, and;
What role you should play in each of these strategies and how to minimise risk, while being better informed in checking documentation and making decisions on what strategy is best for your client.
The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association