Superannuation may be your largest asset, so it’s important to decide who will receive your super in the event of your death.
QIEC Super offers 4 types of beneficiary nominations:
- Binding nomination
- Non-lapsing binding nomination
- Preferred nomination
- Reversionary nomination (Income Stream accounts only).
Who can I nominate?
Death benefits can generally only be paid to your Dependants or your Legal Personal Representative. Under superannuation law, your dependants are:
- Your spouse (including de facto spouse or same sex partner)1;
- Your child2;
- Someone with whom you are in an interdependent relationship with;
- Someone who depends on you financially.
For more information on who your death benefit can be paid to, please refer to the Nominating a beneficiary Fact Sheet.
A binding nomination is binding on the Trustee provided it is valid at the time of your death. For your nomination to be valid, it must be your Legal Personal Representative or a Dependant. Binding nominations must be signed by 2 witnesses who are at least 18 years old and are not nominated as beneficiaries. They must be made or affirmed every 3 years.
You can make or amend a binding nomination by completing a Binding Nomination of Beneficiaries Form.
Similar to a binding nomination, a non-lapsing binding nomination is binding on the Trustee provided it is valid at the time of your death. For your nomination to be valid, it must be your Legal Personal Representative or a Dependant. Non-lapsing binding nominations must be signed by 2 witnesses who are at least 18 years old and are not nominated as beneficiaries.
Unlike a binding nomination, non-lapsing binding nominations do not need to be made or affirmed every 3 years. However, there are certain circumstances that will cause your nomination to become invalid. For more information on these circumstances, please refer to the Nominating a beneficiary Fact Sheet.
You can make or amend a non-lapsing binding nomination by completing a Non-Lapsing Binding Nomination Form.
A preferred or non-binding nomination is not binding on the Trustee, however the Trustee will consider your nomination and your Will when deciding who to pay your benefits to in the event of your death.
You can make or amend a preferred nomination by completing a Change of personal details Form.
A reversionary beneficiary will continue to receive your QIEC Income Stream payments in the event of your death, or they can choose to commute the QIEC Income Stream and be paid a lump sum benefit. A reversionary beneficiary must be a dependant3. If you have a Transition to Retirement Account and you nominate a reversionary beneficiary, your reversionary beneficiary will need to meet a condition of release4 for your Transition to Retirement Account to be able to revert to them. For more information on reversionary nominations, please refer to the QIEC Income Stream PDS.
You can make or amend a reversionary nomination by completing a Reversionary Beneficiary Nomination Form.
Regardless of which type of nomination you choose, it’s important to review your nomination regularly and consider updating your nomination if your circumstances change.
1 A Spouse of a person includes another person (whether of the same or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory; and another person (whether of the same or a different sex) who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.
2 A Child in relation to a person, includes an adopted child, step-child, or an ex-nuptial child of the person; and a child of the person’s spouse; and someone who is a child of the person within the meaning of the Family Law Act 1975.
3 If you nominate a child as a reversionary beneficiary, the child must be less than 18, or financially dependent and less than 25, or disabled.
4 A condition of release includes being aged 65 or over, reaching your preservation age and retiring, ceasing employment on or after age 60, becoming totally and permanently disabled (TPD) or having a terminal medical condition.