Superannuation
Death Benefits from super
Depending on your super fund and the options available, the Trustee may consider your nomination when they exercise discretion in paying a superannuation death benefit (this is known as a ‘non-binding’ nomination). Alternatively, the Trustee may be bound to pay a superannuation death benefit in accordance with your specific nomination (known as a ‘binding’ nomination).
When making your beneficiary nomination you should also consider the tax consequences, which are based on who is paid and whether they are considered a dependant for ‘tax purposes’.
Page 68 of 84