Binding Superannuation Nomination

When you have nominated a beneficiary and the nomination is valid under Superannuation law, the Trustee will act in accordance with that nomination. There is no choice.

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- being the 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/executor, please ensure you have a valid and up-to-date Will, otherwise there is no legal personal representative/executor.