From 1 July under new Federal legislation, same-sex partners will be treated the same as opposite-sex defacto partners in regards to superannuation, tax, social security and family assistance laws, and IOOF is offering new products to meet this demand.
The company says that it is now extending fee aggregation features to same-sex couples. Nick Everingham, IOOF head of product and marketing, says fee aggregation allows customers to gain reductions to administration fees.
“Any couple living in a domestic relationship should be allowed to reap the benefits of fee aggregation regardless of their gender,” Everingham said in a statement.
“Traditionally in the financial services industry, same-sex couples have not been recognised when it comes to things like cheaper fees.
“IOOF’s 160-year history stems from helping people irrespective of their lifestyle choices, so it is fitting to provide a range of products and services to suit the demands of all Australians.”
The legislation now gives same-sex partners and their children the same rights to death benefits as opposite-sex couples, as well as children’s benefits.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
