Nominating a beneficiary

If you die while a member of ours, your member account balance will be paid as a lump sum to a beneficiary. There may also be an insurance payout, if applicable.

How do I provide financially for my family if I die?

You have three options:

• Do nothing - If you choose to do nothing, your account and any insurance benefit will be paid to your dependants or your estate. If you have neither, the death benefit will be paid to another person as determined by the trustee, in accordance with the law (possibly your legal personal representative or the trustee of your deceased estate).
• Complete a non-binding preferred nomination of beneficiaries form– This form allows you to nominate your preferred beneficiary or beneficiaries (i.e. the people who you would prefer to receive your death benefit should you die while a member of the Fund). We will take this into account when making a payment but will ultimately decide who should receive your death benefit according to the law. Payment will usually be made to one or more of your dependants or your legal personal representative. A non-binding nomination of beneficiary form might be appropriate if your personal circumstances are unsettled. You can also nominate your non-binding beneficiaries through your online account.
• Complete a binding nomination of beneficiaries form- This form allows you to provide your written instruction to us in relation to the dependants and/or legal personal representative that you wish to nominate to receive your benefit in the event of your death. We are legally bound to follow your instructions provided that the nomination is legally valid and the person(s) nominated qualify for payment under the law at the time the benefit is paid.

A binding death benefit nomination is only valid for three years and overrides any previous preferred beneficiary nomination that you have made. A binding nomination of beneficiary form may be appropriate if your personal circumstances are stable. For additional information, please contact us.

What is a dependant?

Under superannuation law, a dependant is generally a child, spouse or a person with whom you have an interdependency relationship.

Two people may have an interdependency relationship if:

• They have a close personal relationship.
• They live together.
• One or each of them provides the other with financial support.
• One or each of them provides the other with domestic support and personal care.

An interdependency relationship may also exist where there is a close personal relationship between two people who do not satisfy other criteria because either or both of them suffer from a physical, intellectual or psychiatric disability. Examples of interdependency relationships may include:

• Same sex couples who reside together and are interdependent.
• Siblings who reside together.
• An adult child who resides with and cares for an elderly parent.

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