The majority of not-for-profit super funds recognise the rights of same-sex partners when it comes to death benefit payouts, according to a survey by the Australian Institute of Superannuation Trustees (AIST).
There are currently 33 funds that have rules in place to pay death benefits to same-sex partners, with 13 of the funds already making such payments, the survey found.
The not-for-profit super industry recognises same-sex couples are entitled to the same superannuation entitlements as anyone else, however more needs to be done to ensure there is fair treatment across the board, AIST chief executive Fiona Reynolds said.
Current laws deny same-sex partners access to the superannuation contribution spouse tax offset and from engaging in contribution splitting, while super lump sum death benefits for same-sex couples are not automatically tax-free like they are for others, Reynolds said.
“Proposed legislation [currently before the Senate] will remove all discrimination for same-sex couples and ensure consistency across the industry in regards to superannuation entitlements,” she said.
AIST covers the super interests of nearly two thirds of the Australian workforce.
