- Created on Tuesday, 06 March 2018 01:56
A beneficiary is the person you have nominated to receive your superannuation benefit (death benefit) if you die. It’s important that you keep your beneficiaries up to date.
If you pass away while you are a member of the Fund, we will pay your super benefit, plus any death insurance benefit to one or more of your dependants or to your estate.
Non-Binding Death nomination
You can nominate who you would like your death benefit paid to but it isn’t legally binding – this is known as a non-binding death benefit nomination - and the Trustee of the CBH Super Fund will use your nomination as a guide only. The Trustee is not legally bound by your wishes but will take them into account when deciding who to pay the benefit to. You can only nominate your dependents or your estate. You can nominate more than one beneficiary and allocate a percentage to each if you wish. If you nominate your estate, your death benefit forms part of your estate and will be distributed in accordance with your will.
Binding Death nomination
You can choose to make a binding death nomination, which means that the Trustee, by law, will make sure your death benefit is paid to your nominated beneficiary or beneficiaries. You can only nominate your dependants or your estate. If you nominate your estate, your death benefit forms part of your estate and will be distributed in accordance with your will. Remember to update your beneficiary every 3 years for binding nominations.
If you don’t nominate someone, the Trustee decides who receives your death benefit. The Trustee will pay your benefit to either one or more of your dependents or to your estate to distribute according to your will.
Changing your beneficiary
It’s important to make sure your beneficiaries are up to date to remain valid. A good time to do this is when circumstances change – such as marriage, divorce, children, death in the family. You can change or update your beneficiaries at any time.
To nominate or change your beneficiary
ð Use the Beneficiary Nomination Advice Form– for non-binding death nominations
ð Use the Binding Death Nomination Form- for binding death nominations
More information on beneficiaries can be found in our brochure ‘Other Information Brochure or by contacting us on 9416 6235.