28/08/2018

The recent case of Re Narumon Pty Ltd in the Supreme Court of Queensland detailed a tale of woe that at first glance seems extraordinarily complex but which in fact could all have been handled properly if only the fund had been on SuperCentral.

Here’s that sad list of problems and an explanation of the difference SuperCentral would have made.

1    Variation deeds not signed – SuperCentral members have their deed variations handled automatically using SuperCentral’s patented deed update system so no chance that deeds could be incorrectly executed.

2    Uncertainty as to which version of the rules applied to the fund – SuperCentral members know precisely what their governing rules say and they can access on the SuperCentral website not only the current set of rules but all prior sets of SuperCentral rules.

3    Inability to locate original documentation relating to the establishment of the pension or the nomination of the beneficiary – SuperCentral members are invited to upload all the fund’s important documents onto the fund’s web page so they can never be lost.

4    Lapsing Binding Death Benefit Nomination (BDBN) – SuperCentral’s governing rules mean that the BDBN is non-lapsing unless the member specifically wants it to be so (for some reason).

5    Uncertainty over whether the enduring attorney is able to make or affirm a BDBN – SuperCentral’s Governing Rules permit members to give their enduring attorney power to make or amend the member’s BDBN.

6    Missing change of trustee documents – SuperCentral members put their change of trustee documents on the fund’s web page so they can always access it.

Yes these are common errors and problems for self managed super funds but they can be easily fixed.  All it takes is … SuperCentral (link)

For further information, please contact Townsends Business & Corporate Lawyers on (02) 8296 6222 or info@townsendslaw.com.au to see how we can assist.