INFO FOR OZ BM WITH SUPER

[biggles]

I have Super with MLC in OZ and have listed my Beneficiaries, with their %, with them. I was quite pleased with my preparations. I also have a will to dispose of my OZ assets, primarily to my son. 

As a result of a recent transaction, I made enquiries of MLC as to their requirements to pay out to my long term partner in the Philippines. Imagine my shock when I got the following response:-

" superannuation death benefits can only be paid into an Australian bank account. This is a regulatory and compliance requirement rather than a choice by MLC."

 This has thrown my plans into dissaray, my partner of 14 years has no OZ account, and has never been there. 

I post this info to make other BM aware of a potential problem if you intend an overseas partner, without an OZ bank account, to be a Super beneficiary. 

[Zeb]

5 minutes ago, biggles said:

I post this info to make other BM aware of a potential problem if you intend an overseas partner, without an OZ bank account, to be a Super beneficiary. 

There is also another important issue to consider -

In short:

At least 6.5 million Australians will not have a say in who inherits their superannuation, according to new research from Super Consumers Australia shared exclusively with ABC News.

Only a quarter of those surveyed were sure they had made a legally binding nomination for who they want to receive their super after they die, while 36 per cent had made no nomination at all.

Experts warn non-binding nominations, which are easily made through funds' websites, are "kind of useless" in a dispute, while ASIC says they attract more complaints and take longer to process.

 

Full story -

https://www.abc.net.au/news/2025-08-26/who-gets-your-superannuation-when-you-die-binding-death-benefits/105678326

 

[thegrogmonster]

My binding death nominaton needs to be updated every 3 years.

[biggles]

My problem was that one of my binding nominees doesn't have an OZ bank account. If yours do then you should be fine 

[thegrogmonster]

2 hours ago, biggles said:

My problem was that one of my binding nominees doesn't have an OZ bank account. If yours do then you should be fine 

Yes and she also has a super account with the same company as me.

[Khun Ling]

Make an account with an Australian bank. It can be done , they have branches overseas. Alternatively you can use a lawyer’s trust account but they will charge for this

[Lantern]

I just took all my super out about two years ago and put into my Aussie bank account, where it is in my control. Stuck it in an fixed interest account that pays out every three months.

[CalEden]

On 9/15/2025 at 6:35 PM, Khun Ling said:

Make an account with an Australian bank. It can be done , they have branches overseas.

 

Or open a joint bank account in Australia with you and the binding nominee.

Edited September 18, 2025 by CalEden