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What happens to your super when you die?
There is one way to make sure you control what will happen to your super if you die and that is as simple as making a nomination in relation to who would receive your benefit.
After all, if you’ve had super for any length of time it’s likely to be a fairly large amount of money – especially if you have insurance cover in addition to your super account.
Nominating a beneficiary ensures that Asset are aware of your wishes.
There are basically 3 options open to you.
Option 1 – Do nothing – This means that you are leaving it entirely up to the Trustee to decide who will receive your benefits. This is a bit of hit and miss and doesn’t give you any assurance that the right person will benefit;
Option 2 – Make a non-binding nomination - This means that you tell the Trustee who you prefer to receive your benefits, but it is not compulsory for the Trustee to follow those directions. So it’s a way of expressing your wishes but it doesn’t guarantee that those wishes will be followed.
Option 3 – Make a binding nomination - A binding beneficiary nomination means that the Trustee is obliged to act in accordance with your directions. A binding nomination is only effective for 3 years and will lapse if it is not replaced or renewed.
Making a binding nomination is the only way to guarantee that your wishes will be followed, but it does put the responsibility on you to make sure that it is up to date and valid.
How do I make a Nomination?
The first thing to do is check whether you already have a nomination in force. You can go online via MemberAccess, or check your last statement, or contact our Client Service team on 1800 805 981.
Is your nomination binding or non-binding? Have your circumstances changed such as divorce or death of the nominee? Most importantly does it reflect your wishes?
To add or update a nomination, you need to complete a Beneficiary Nomination Form. You can also update your wishes by logging into MemberAccess or download the form or else call our Client Service team and ask them to send you one.
This is an important nomination and you should take some time to ensure that your wishes are represented. |
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