FAQ: CAN I NOMINATE WHO WILL RECEIVE MY SUPER IF I DIE?

This is one of those things that we don't like to think about but it is important to understand what will happen to your benefit if you die.

 

In the event that you die while a member of Local Super, the payment of your superannuation benefit (including any applicable insurance proceeds) must be made in accordance with superannuation law and Local Super's Rules.

 

Local Super members have the option of nominating a beneficiary(ies) in one of two ways:

 

> Preferred beneficiary
> Binding nomination

 

Preferred beneficiary
In this instance the Trustee has the final discretion to pay your super benefit to any one or more of your dependants and/or legal personal representative in any proportion it determines.  The Trustee will, however, take your wishes into account provided you have nominated your dependants and/or legal personal representative on the relevant form.

Binding nomination
This requires Local Super to pay a super benefit (including any applicable insurance proceeds) to the person(s) nominated on your form as long as they are a valid beneficiary.  The nomination must be updated every 3 years.  In the instance that a Binding nomination is not updated within this specified time, the nomination lapses and is no longer binding on the Trustee.

There are certain guidelines set out in legislation that restrict who your benefit can be paid to, but in general, payment would be made to a dependant(s) which can be one or more of the following:

 

> Your spouse/de facto (including same sex).
> Child or children, including step children, adopted children, ex-nuptial children or children of your spouse/de facto (including same sex).
> Any person(s) you have an interdependency relationship* with.
> Your legal personal representative, which means the executor or administrator of your estate.

 

*Please refer to the relevant PDS for your membership for the definition of 'Interdependency relationship' or contact Local Super directly for further information.

 

Where the benefit is paid to your estate it will be distributed in accordance with the provisions of your Will.

 

To help make the process of identifying your dependants it is important to provide the nomination of your beneficiaries to the Trustee. Contact Local Super for the relevant form or you can download it from Forms & Documents .

 

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