A beneficiary is a person you nominate to receive your super benefit or Death Benefit in the event of your death. As a GuildSuper member, you have two options when nominating beneficiaries: 1.
Non-binding nomination Your non-binding nomination acts as a guide for the trustee in deciding how to pay your Death Benefit. You can make or change your non-binding nomination at any time: via Member Online you will need your member number and PIN. Binding nomination Generally, your valid binding nomination binds or requires the trustee to pay your Death Benefit to the nominated beneficiary s. It expires every three years from the date it is accepted by the Fund.
We will send you a reminder a couple of months before the expiry date to renew your nomination. Of course, you can change your nomination at any time by making a new binding nomination. To make or change your binding nomination, download and complete the Binding Death Benefit Nomination form.
You can either book an appointment online or call us on Book now. By clicking the following button you agree to our website conditions. Ask our experts - 4 minute read Why is nominating a beneficiary for pensions and insurance plans important? Pensions and death in service schemes Pensions and death in service schemes are normally automatically written under a master discretionary trust. Pensions and retirement Pensions after death — a case study Your pension can provide a useful way to pass on your wealth after you die, but distributing the money comes with its own set of challenges.
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The taxed and untaxed components are calculated at the time of payment. Further information on taxation is in our Nominating your beneficiary guide. To make a binding death benefit nomination, you will need to complete and return the Binding death benefit nomination form.
LGIAsuper will confirm in writing if your nomination has been accepted and the date it expires. If your nomination is invalid, we will let you know why and how you can make it valid.
Before you make a nomination, we recommend you read our Nominating your beneficiary guide. We also recommend you seek professional advice before making any arrangements regarding the treatment of your estate. There may also be social security or tax implications for your potential beneficiaries. LGIAsuper is here to help you.
Contact us on to talk through your options and have your questions answered. Home News Current: What to consider when nominating your beneficiaries. What to consider when nominating your beneficiaries Published 14 June You are growing your superannuation to fund your dream retirement. Super is not automatically part of your estate Your super can be one of your biggest assets.
A binding death benefit nomination gives you greater certainty A binding death benefit nomination is a legal document that binds LGIAsuper to pay your death benefit to whoever you have nominated — if they are eligible to receive your benefit at the time of your death more on that below. You can pass on your pension income stream to a beneficiary Another type of nomination is called a reversionary beneficiary nomination. Make sure your nominations are valid LGIAsuper can only pay a death benefit to a valid beneficiary as required by law , which can be one or more of the following: a.
Your dependants, which are defined as : a spouse — married, de facto or same-sex partner. This can help if you want to leave your super to someone who is not a dependent, and you can outline who you would like it distributed to in your Will.
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