Nominating your beneficiaries
Your super will be given to your dependants (or estate if you have no dependants) if you die while a member – these people are known as your beneficiaries (or benefactors).
While you do not have to nominate any beneficiaries, you may want to choose where your money goes – including how much of your super goes to each person. AvSuper offers members a choice* between making a non-binding or binding nomination; neither costs anything and you can change your choice at any time.
Who can I nominate as a beneficiary?
Under super law, only your dependants or a legal personal representative (the executor or administrator of your estate) can be nominated, regardless of the type of nomination you make.
Your dependants will generally be your spouse (including de facto and same sex spouses), children and any other person with whom the Trustee determines that you had an interdependent relationship as at the time of your death. You may have an interdependent relationship with someone you live with and show an ongoing commitment to the support and wellbeing of you both (please refer to our website for a detailed definition).
Note that taxation implications may apply for non-dependent beneficiaries (including your children aged over 18).
What is a binding nomination?
This is a legally binding statement of how you want your super and associated insurance payments (if any) distributed after you die.
To be valid, your binding nomination must:
- be no more than 3 years old – we will remind you as it comes close to expiring
- be witnessed by two adults who are not beneficiaries
- distribute 100% of your money, although it may be shared amongst any number of beneficiaries
What is a non-binding nomination?
A non-binding (or preferred) nomination assists the Trustee in distributing your death benefit in accordance with your wishes, but the Trustee has the final say in determining to whom and in what proportions your death benefit is paid.
A non-binding nomination does not expire but you may wish to review and update it periodically, such as when you marry or have children.
How do I make a nomination?
Simply complete a Nomination of Beneficiaries form and return it to AvSuper. The same form applies for both types of nomination – have two witnesses sign the form with you to make it binding, or leave the witness section blank to make a preferred nomination.
When filling in the details of your beneficiaries remember to make the total distribution 100% -how you divide the money between dependants is totally up to you.
* Income Stream members can also make a reversionary nomination to one dependant
Email: firstname.lastname@example.org | Local call: 1300 128 751 | www.avsuper.com.au