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Binding death benefit nomination Defined Benefit lump sum (excluding any lifetime pension) Use this form if you wish to make a new lapsing or nonlapsing binding death benefit nomination for your Defined

How to fill out binding death benefit nomination

How to fill out binding death benefit nomination

1. To fill out a binding death benefit nomination, follow these steps:
2. Identify your beneficiaries: Determine who you want to receive your superannuation death benefit in the event of your death.
3. Check the rules: Familiarize yourself with the rules and regulations regarding binding death benefit nominations set by your superannuation fund or relevant authority.
4. Obtain the necessary forms: Contact your superannuation fund or relevant authority to obtain the appropriate forms for making a binding death benefit nomination.
5. Fill out the form: Complete the form accurately, providing detailed information about your chosen beneficiaries, their relationship to you, and the percentage of the death benefit you wish each beneficiary to receive.
6. Witness and sign the form: Make sure to sign the form in the presence of two witnesses who are over 18 years old and are not nominated beneficiaries. Witnesses must also sign the form.
7. Submit the form: Submit the completed form to your superannuation fund or relevant authority as per their instructions.
8. Keep a copy: Retain a copy of the completed and submitted binding death benefit nomination form for your records. It is also recommended to inform your nominated beneficiaries of the nomination.

Who needs binding death benefit nomination?

1. Binding death benefit nominations are useful for individuals who want to have control over the distribution of their superannuation death benefit after their passing.
2. People who have specific wishes on how their superannuation funds should be distributed and want to ensure their wishes are legally binding would benefit from making a binding death benefit nomination.
3. Having a binding death benefit nomination in place can help avoid potential disputes and legal complications by clearly outlining who should receive the death benefit.
4. It can be especially valuable for individuals with complex family structures, multiple dependents, or those who are looking to provide for beneficiaries who may not be automatically eligible under the superannuation laws.

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What is binding death benefit nomination?

A binding death benefit nomination is a legal document that allows a member of a superannuation fund to specify who will receive their superannuation benefits in the event of their death.

Who is required to file binding death benefit nomination?

Anyone who wants to ensure that their superannuation benefits are distributed according to their wishes after their death is required to file a binding death benefit nomination.

How to fill out binding death benefit nomination?

To fill out a binding death benefit nomination, the member must follow the instructions provided by their superannuation fund, usually by completing a form with the details of the nominated beneficiaries.

What is the purpose of binding death benefit nomination?

The purpose of a binding death benefit nomination is to provide certainty and direction regarding the distribution of a member's superannuation benefits after their death, ensuring that their wishes are followed.

What information must be reported on binding death benefit nomination?

The binding death benefit nomination form typically requires information such as the full name, address, and relationship to the member of each nominated beneficiary.