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Disclaimer

This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in these articles is for guidance only and should not be relied upon without obtaining professional advice having regard to your direct circumstances.

 

Binding Beneficiaries Nominations

Under superannuation law, the Trustee of your super fund has the discretionary power to decide which of your dependents receives your super if you die before you retire. The law also allows you power to nominate which of your dependents you want to receive your super funds.

There are now two types of nominations for super beneficiaries – binding and non-binding.

Non-Binding Nominations:

  • are not legally binding, and
  • will not expire.

Binding Nominations:

  • are legally binding, and
  • are valid for three years only.

To remove any uncertainty over who will receive your super funds and to ensure your super is paid out exactly as you want, you can make a binding beneficiary nomination. These nominations need to be witnessed by two independent individuals and renewed every three years to remain valid.

Superannuation law states that only a dependent, your legal representative or your estate (your assets in your will) can be named as a beneficiary of your superannuation. You are able to change or revoke your nominations at any time by completing a new form and sending it to your super fund provider. You super fund will also advise you when your binding nomination is about to expire.

To make a binding or non-binding nomination contact your superannuation fund provider and request a form.

 


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