Have you correctly nominated your beneficiaries?
Nominating a beneficiary tells ANZ Staff Super who should receive your money and any insurance payout if you die.
If you do not make a nomination – or make an incorrect nomination – the fund's Trustee decides who gets your money, which may not match your wishes.
ANZ Staff Super provides you with two options for nominating how you would like your benefit paid in the event of your death, a:
- Non-binding death benefit nomination; or
- Binding death benefit nomination.
Who can you nominate?
You can nominate a beneficiary or your estate. Nominating your estate is effectively paying your superannuation benefits via your will.
Who can be nominated as a beneficiary?
To be eligible to be nominated as a beneficiary, a person must meet the definition of “dependant” under the Trust Deed and Rules – that is, the person must be:
- Your spouse (legal or de facto);
- Your child (minor or adult, including a stepchild, adopted child or ex-nuptial child);
- Any other person who, in the opinion of the Trustee, is or was financially dependent on you; or
- Any other person who, in the opinion of the Trustee, satisfies the definition of dependant under superannuation law (including “interdependency relationships”).
If you want your benefit to be paid to anyone not defined as a beneficiary above, you should make a binding nomination to your estate and have the benefits paid via your will.
Non-binding nomination
A non-binding death benefit nomination is where you nominate the beneficiary (or beneficiaries) you would prefer to receive your benefit in the event of your death. This nomination is not binding on the Trustee. However, the Trustee will use your non-binding nomination as a guide when determining whether to pay the benefit to your dependants and/or your estate and the proportions to be paid to each recipient.
The Trustee will carefully consider the nomination you provide but it has the sole discretion in deciding who will be paid your death benefit from the alternatives allowed by ANZ Staff Super’s Trust Deed and Rules and superannuation law (i.e. your dependants and/or your estate).
Binding nomination
A binding death benefit nomination is where you nominate a beneficiary (or beneficiaries) to receive your benefit in the event of your death and, within certain parameters, the nomination is binding on the Trustee. A binding nomination must be renewed every three years.
The Trustee would be required by law to pay your benefit to your estate and/or your dependant(s) as nominated by you, provided that the nomination is valid, meets certain legislative requirements, hasn’t expired, and neither the Trustee nor member is subject to a court order constraining the application of the binding nomination.
A binding nomination could be invalid if a nominated beneficiary (other than your legal personal representative) is not classified as a dependant at the time of your death.
Need help completing a nomination?
Give us a call on 1800 000 086 and talk to one of our ANZ Staff Super advisers who can assist you.