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Complete the Binding Death Benefit Nomination Form to direct the trustee on benefits payable after your death. Ensure proper allocation to your dependants.
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What is binding death benefit nomination?
A binding death benefit nomination is a formal request made by a superannuation fund member that directs the trustee of the fund to distribute the death benefit to specific beneficiaries upon their death, ensuring that the beneficiaries receive the benefits as stated in the nomination.
Who is required to file binding death benefit nomination?
Any member of a superannuation fund who wishes to ensure that their death benefits are distributed according to their wishes should file a binding death benefit nomination.
How to fill out binding death benefit nomination?
To fill out a binding death benefit nomination, a member must complete the relevant form provided by their superannuation fund, specifying the beneficiaries, their relationship to the member, and ensuring the form is signed and dated by both the member and, if required, witnesses.
What is the purpose of binding death benefit nomination?
The purpose of a binding death benefit nomination is to legally bind the superannuation fund trustee to pay out the death benefits to the nominated beneficiaries, thereby providing assurance and clarity regarding the distribution of funds after the member's death.
What information must be reported on binding death benefit nomination?
The nomination must include the member's details, the names and contact information of the nominated beneficiaries, their relationship to the member, and must be signed and dated as per the fund's requirements.
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