A new Australian Securities and Investments Commission (ASIC) report warns that up to 88 per cent of Australians could see their superannuation delayed or given to the wrong person because they haven’t locked in a legally binding death beneficiary.

ASIC Commissioner Simone Constant told 3AW Breakfast hosts Ross and Russel this information should be common knowledge among Australians.

Press PLAY to hear how to ensure your superannuation is secured for the future

“Up to 88 per cent of folks may not have had, in the past, valid binding nominations in place, and worryingly, about one-third of them probably thought they did.”

“The time for action is now, funds need to tell folks like yourself that you need to get things like this in place.”

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