A superannuation payment flag means that the trustee of the superannuation fund puts a flag on a parties superannuation entitlement and must let both parties know prior to any benefit being payable.
A Court may order that a payment flag be put on a parties superannuation entitlement which will prevent the trustee of the superannuation fund from making any further payments from the superannuation interest without first notifying both parties.
A superannuation payment flag is generally used in circumstances where one party is nearly at retirement age and may try to access their superannuation without the express written consent of their ex partner and prior to to a formal property settlement agreement being reached between the parties.
In circumstances where a party has already reached retirement age and their superannuation interest is already in payment phase, the suitable course may be to file an application to the court seeking an injunction that the party must not deal with their superannuation interest until an agreement has been reached between the parties.
A payment flag will remain in place on the parties superannuation fund until an agreement is reached and final orders are made by the court stating the superannuation payment flag may be set aside.
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Learn More
If you would like more information on similar topics, check out the following information and articles:
- Superannuation Splitting
- Why you should formalise your property settlement
- When can future inheritances be taken into account
- How do I apply for property and financial orders
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