A binding nomination gives you certainty, about who will receive your Superannuation benefit in the event of your death.
When you have nominated a beneficiary and the nomination is valid under Superannuation law, the Trustee will act in accordance with that nomination.
The Government has imposed strict conditions on how a beneficiary must be nominated:
- A beneficiary must be a spouse (including de facto spouse or a same sex partner),
- a child (including an adopted child, step child, the child of the member’s spouse or an ex-nuptial child)
- or any person who was wholly or partially financially dependent at the date of your death
- or any person who is, or was at the relevant time, in the opinion of the Trustee in an interdependency relationship with the member (generally a close personal relationship between two people who live together, where one or both provided the other with financial support, domestic support and personal support)
- or your Legal Personal Representative- Executor of your Will.
- If any beneficiary nominated is not a dependent, in the opinion of the trustee and according to Superannuation law, at the date of your death, the notice will be invalid.
- A binding nomination notice is valid for a maximum period of three years, if no amendment or revocation is made to the notice.
- It is your responsibility to update and review it every three years.
- The Trustee of your Superannuation Fund will usually accept no liability for any failure on your part to do so.
You should update your nomination, if there is a change to your personal circumstances.
If you nominate your legal personal representative, please ensure you have a valid and up-to-date Will.