Binding death benefit nomination sunsuper

It is a legal instrument that “binds” the Trustee of Sunsuper to pay your death benefit to your nominated beneficiaries. Preferred versus binding nominations. A binding death nomination will ensure when you die, your super will go to the person(s) you nominate. A binding nomination legally ‘binds’ the Sunsuper Trustee to pay your death benefit to who you nominate. Plus having a valid binding nomination reduces claim processing time.

Sunsuper members have access to offers and discounts on holidays, experiences and every day items. Binding death benefit nomination. Can a reversionary receive a binding death benefit? Who can nominate for binding death?

One of the biggest benefits you receive from having a binding death benefit nomination in place is peace of mind. This is especially the case if you have multiple beneficiaries (eg from previous marriages) who may have a claim on your death benefit. In this case, you can nominate with reasonable certainty who you wish to receive your death benefit or, if being paid to more than one beneficiary, who receives what proportion. See full list on bridges.

To make a valid nomination you must follow the procedures explained below. As binding nominations require a formal nomination, much like a Will, and must be renewed every three years , or whenever your circumstances change , they may not be suitable for everyone. The nomination must: 1. If certainty already exists, for example, where there is a sole dependant, a binding death nomination may be of little value. Additionally, unless the person you nominate to receive your super death benefit is a dependant or your LPR at the date of your death, a binding death benefit nomination will not be val.

A non-binding nomination, on the other hand , gives the trustee discretion to protect the interests of your beneficiaries if circumstances change. For example, if one of your beneficiaries is bankrupt, the trustee can take this into account and avoid putting your super benefit into the hands of creditors instead of your beneficiaries. Use this form to make, change.

Any benefit after your death will be paid to the beneficiaries nominate as long as the nomination is valid. If your binding death benefit nomination fails to meet any one of the above conditions, it will be invalid. This nomination is not binding on Rest. If any of the information provided in your binding death benefit nomination is unclear, we’ll contact you to confirm the details.

An unclear binding death benefit nomination may be invalid. You can nominate one or more of your dependants, or your legal personal representative. 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. In the event of your death , if the nomination is found to be invali the Sunsuper. 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.

You can choose one or more of your dependants, or your legal personal representative. 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. Please provide your nomination of beneficiaries to Sunsuper using either the. If the rules of your super fund allow it, you can nominate the beneficiary for your super with your fund. To be more certain it will go to the people you want, you can sign a binding death benefit nomination.

By completing your nomination form online, we can make sure we get all the information we need to process your request. Non- binding nominations. Tax Implications of Death Benefit Nominations Generally, no death benefits tax is payable if your remaining super or pension balance is paid to a superannuation tax dependant of yours upon your death. Such a nomination is binding on the trustee, meaning that the trustee must adhere to your request and not use their discretion in making death benefit. Your Fund will advise you if this is available.

Netwealth Super Accelerator, Netwealth Super Wrap and Russell Investments Super Series are products available in the Netwealth Superannuation Master Fund. A reversionary beneficiary takes precedence over any nomination you make after the commencement of your Pension. You must remove a reversionary beneficiary before you can make a binding death benefit nomination.

You can remove a reversionary beneficiary from your Pension accounts(s) at any time by requesting us in writing to do so.