Get Beneficiary Nomination Form Template

Binding death benefit nominations are only valid for three years but can be renewed. We'll send you a reminder when it's time to renew. If you don't renew, your nomination will be treated as non-binding and we'll provide you notice in writing. Non-binding death benefit nominations don't expire.

What is a binding death benefit nomination? a spouse (including de facto, opposite and same-sex) children of any age (including adopted or ex-nuptial) any person(s) financially dependent on the member. any person(s) in an interdependency relationship with the member. a legal personal representative (LPR).

The risk of a Non Lapsing Binding Death Benefit Nomination is that a member will forget about how they have nominated for their benefits to be distributed in the event of their death, which may result in hundreds of thousands, or even millions, being paid to unintended beneficiaries.

Nominated Beneficiary means a beneficiary nominated bythe Contract Holder to receive the Death Benefit (as described in Clause 22) subject to the provisions of Clause 21. Sample 1. Nominated Beneficiary means the nominated beneficiary as identified in the Covering Schedule.

A nomination form (or a letter of wishes) allows the pension scheme member to tell the trustees/administrators who they would like to benefit on death. The nomination helps to guide scheme administrators/trustees with their decision making.

If you don't make a written death benefit nomination, the trustee of your super fund will decide who receives your death benefit. It may decide to pay the death benefit to your estate, or it may use its discretion to decide which of your eligible beneficiaries receives the death benefit.

Lump sum or pension If a non-dependant beneficiary has not been nominated, the only option will be a lump sum if there is a surviving dependant or someone else who has been nominated.

In the absence of a valid binding death benefit nomination, the deceased's superannuation trustee(s) will use their discretion to decide which dependant(s) the death benefit is paid to, or make a payment to the deceased's legal representative.