Binding death benefit form unisuper

Can a binding death benefit nomination override a non binding death benefit? What is an unclear binding death benefit nomination? How long does a binding death benefit last?

You can fill this form out online before printing and signing. You can control who can share in your death benefit by making a valid binding death benefit nomination. A binding nomination doesn’t have to be forever.

We offer lapsing and non-lapsing binding death benefit nominations. Use our forms , documents and tools to plan and manage your super. If you want more certainty about who you would like to receive your super, you can consider making a valid binding death benefit nomination. The best way to ensure that your super and any insurance benefits are paid to who you intend is to nominate a binding beneficiary.

Plus having a valid binding nomination reduces claim processing time. UniSuper on campus. If you have a State, Police, or Parliamentary account, we are required to automatically pay certain benefits to a spouse or eligible children.

These requirements are part of our governing rules, and they take priority over a valid binding death benefit nomination. There are two types of binding nominations you can make: lapsing or non-lapsing.

Death benefits If the rules of your super fund allow it, you can nominate the beneficiary for your super with your fund. This nomination may be non- binding or binding. The binding death benefit nomination will be removed from your account. Find two witnesses (they can’t be your nominated beneficiaries) and sign and date your form in front of them. Return the form to us.

Fees, costs and taxes Why has tax been deducted from my account? For more information on the binding death benefit nomination, we recommend that you read the article by Denis Barlin from SBN lawyers about binding death benefit nominations by clicking on the link. A sample binding death benefit nomination (non-lapsing) To give you a good idea of what one of these documents look like, we provide a sample BDBN. The form must be signed and dated.

To make these types of nominations, please complete and return the relevant form , available on the Energy Super website. Disadvantages – If you have a lapsing binding death benefit nomination (as opposed to a non-lapsing one) your SMSF may still end up not going to your nominated parties IF you do not update the binding nomination every three years. Basically this is because the law says that after three years, any binding death benefit nomination expires. And after it expires the trustee can once again do as they wish (essentially reverting your SMSF to a non-binding nomination). Commonly, SMSF binding nominations even specify the form in which the death benefit is paid to the beneficiary.

We have even seen situations where complex restrictions are placed on the payment of a death benefit pension to ensure that a ‘spendthrift’ surviving spouse does not have access to all the money. Level 16 Collins Street. The documentation required may include a completed death benefit claim form , death certificate of the member, a copy of the grant of probate or administration of the deceased’s estate, documents evidencing the identity of the claimant and information as to the identify of all dependants who are entitled to be considered for receipt of the death benefit and whether those dependants wish to be.

This type of nomination gives you greater certainty over where your money will go.

Binding Death Benefit Nomination form.