Binding death benefit nomination sunsuper

What is a binding death benefit nomination? Can a binding death benefit be contested? Can a reversionary receive a binding death benefit? Does UniSuper accept binding death benefit nominations? It is a legal instrument that “binds” the Trustee of Sunsuper to pay your death benefit to your nominated beneficiaries.

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. It’s important you let us know who your beneficiaries are so we know your wishes.

A binding death nomination will ensure when you die , your super will go to the person (s) you nominate. A valid binding death benefit nomination (lapsing) remains in effect for three years from the date it’s first signed , last amended or confirmed (if it lapses , it’ll be treated as a non-binding nomination ). Sunsuper members have access to offers and discounts on holidays, experiences and every day items. Binding death benefit nomination.

Use this form to make, change. Put simply, a binding death benefit nomination is a legally binding nomination that allows you to advise the trustee who is to receive your superannuation benefit in the event of your death. Your binding death benefit nomination will still apply to any Accumulation or Defined Benefit accounts , and any Income accounts that do not have a nominated reversionary. These requirements are part of our governing rules, and they take priority over a valid binding death benefit nomination. In the event of your death, if the nomination is found to be invali the Sunsuper Trustee will use its discretion to determine how your benefit will be paid.

An invalid nomination may still be an important consideration for the. A preferred beneficiary nomination acts as a guide only for the Sunsuper trustee in deciding who to pay your death benefit to, whereas a binding nomination , if vali binds the trustee to pay your death benefit to the person(s) you nominated. Who can I nominate as a beneficiary? This type of nomination gives you greater certainty over where your money will go.

Details of the dependants that you wish to nominate under your binding death benefit direction: (use copies of this form if nominating more than four) Full name. State Postcode of benefit. To make a binding nomination. A few quick things to know: You need to update your binding nomination every three years to keep it active. This nomination may be non- binding or binding.

You can update or cancel it at any time. Nominating a beneficiary ensures the Sunsuper Trustee is aware of your wishes. Trustee to pay your super as a death benefit to the nominated beneficiary.

If you do not nominate a beneficiary or your nomination is invali the Trustee will look for an eligible beneficiary. How can we help you? As mentione you can choose to nominate either a dependent or a legal personal representative, and a dependent can be a spouse, chil or any other person(s) who could be seen as financially dependent on you at the time of your death. With a binding nomination , the trustee must pay your death benefits as you have nominated. Note that a binding nomination will lapse three years from the date you make or vary your nomination.

If it lapses, it will become a non- binding nomination. At the end of three years you will need to renew your nomination. Level 16 Collins Street.