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No guarantee that your nominated beneficiary will get your money when you die

18 June 2020 7:58 PM
Tags:
Warren Ingram
Death
Pension
Life policy
Beneficiary
nominated beneficiary

Did you know that the Trustees of retirement funds don’t have to pay it out to your nominated beneficiary?

Did you know that the Trustees of retirement funds don’t have to pay the money to the nominated beneficiaries?

The Money Show's Bruce Whitfield refers to a case where a relative died and left assets as well as retirement annuities to his children.

One of the companies paid out - and the kids got their money 50/50.

But the other did not - it apportioned four per cent to the daughter and 96 per cent to the woman who had for four years been living with the deceased at the time.

It's assumed she had petitioned, and the trustees agreed, even though the children were named beneficiaries.

Warren Ingram, financial advisor explains.

It is actually much more normal than we think...

Warren Ingram, wealth planner

Twenty years later some arbitrary people you've never met in your life... are going to have to decide whether they're going to follow your wishes or give your money to somebody else sounds outrageous...but there is a whole law around it and it's called the Pension Funds act.

Warren Ingram, wealth planner

The obligation is on trustees to make sure they are actually looking after the person who died's dependants... it's quite clear in the law, that could mean you disregard the wishes of the retirement fund member.

Warren Ingram, wealth planner

Listen to the interview below.

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning.


18 June 2020 7:58 PM
Tags:
Warren Ingram
Death
Pension
Life policy
Beneficiary
nominated beneficiary

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