Nominating beneficiaries

To provide greater certainty about who will receive your benefit in the event of your death, UniSuper provides two options:

• preferred beneficiary nominations, and
• binding death benefit nominations.

The most appropriate nomination will depend on your personal circumstances. As there may be taxation and other implications to consider in nominating your beneficiaries, we recommend that you seek professional advice before making your nomination.

Regardless of which type of nomination you choose, the Trust Deed and superannuation law specify who your death benefit can be paid to. A death benefit can be paid to one or more of your dependants or your legal personal representative.

Your dependants include:

• your spouse (including legal or de facto spouse of same sex or opposite sex)
• your children or the children of your spouse (regardless of age)
• any person who was in an interdependency relationship with you at the date of your death
• any other persons (irrespective of age) who in the opinion of the Trustee, are or were in any way financially dependent on you at the date of your death.

The definition of spouse for a UniSuper member means:

• a person to whom you are legally married
• a person, whether of the same sex or a different sex, with whom you are in a relationship that is registered under an Australian State or Territory law, and
• a person, whether of the same sex or a different sex, with whom you are not legally married but who lives with you on a genuine domestic basis as a couple.

A child in relation to a UniSuper member or the member’s spouse includes a child, adopted child, foster child, ward or child within the meaning of the Family Law legislation.

Your legal personal representative is the executor of your will or the administrator of your estate if you die without a will. If you nominate your legal personal representative, your benefit will form part of your estate and will be distributed in accordance with your will (if you have one), or in accordance with the laws that govern people who die without a will.

Preferred beneficiary nomination

A preferred beneficiary nomination allows you to nominate who you would prefer your benefit be paid to in the event of your death. This nomination is not binding on the Trustee. You can nominate one or more of your dependants and/or legal personal representative.

In the event of your death, the Trustee must pay your benefit to your dependants and/or legal personal representative, in proportions determined by the Trustee. However, the Trustee will take your nomination into account when determining who will receive your benefit.

A preferred beneficiary nomination will remain in place until it is amended or replaced, or until you make a valid binding death benefit nomination.

How to make or update a preferred beneficiary nomination

To make your preferred beneficiary nomination, complete the relevant section of your Defined Benefit Division/Accumulation 2 application form. You can update your preferred beneficiary nomination on a Change of details form or via MemberOnline at any time.

Binding death benefit nomination

A binding death benefit nomination is a written direction to the Trustee that sets out the dependants and/or legal personal representative that you want to receive your benefit in the event of your death and the proportions payable to each beneficiary. If your nomination is valid and in effect at the date of your death, the Trustee must pay your benefit in accordance with the nomination.

A valid binding death benefit nomination remains in effect for three years from the date it was first signed, last amended or confirmed. It does not take effect until it has been received and accepted by the Trustee.

If you have more than one UniSuper account, for example, if you have a super account and a Flexi Pension and have a valid binding death benefit nomination in effect, the nomination will apply to both accounts.

There are certain conditions that must be met for your binding death benefit nomination to be considered valid and in effect You can find out more from the Binding death benefit nomination fact sheet.

A valid binding death benefit nomination will override any preferred beneficiary nomination that you may have previously made. If a valid binding death benefit nomination expires or becomes invalid for any reason, it will no longer bind the Trustee. However, the Trustee will take it into account when deciding how to pay your death benefit.

If you have made a binding death benefit nomination and wish to continue to bind the Trustee to pay your benefit to your nominated dependants and/or legal personal representative, you must reconfirm the nomination before it expires. You can do this by giving the Trustee a written notice, signed and dated by you, to that effect. It is your responsibility to ensure that the nomination is confirmed before it expires.

Your binding death benefit nomination can be amended or revoked at any time before it expires in three years by advising the Trustee. To revoke your binding death benefit nomination you must give the Trustee a written notice, which must meet certain conditions. To amend your binding death benefit nomination, you must complete a new Binding death benefit nomination form and provide it to the Trustee.

Please note: A binding death benefit nomination does not apply to a Defined Benefit Indexed Pension or Commercial Rate Indexed Pension that pays a reversionary pension in the event of your death.

If you are a Defined Benefit Division member who joined the Fund prior to 1 January 1990, a binding death benefit nomination may also have implications for the payment options available to your beneficiaries in the event of your death.

How to make, amend or revoke your binding death benefit nomination

To make , amend or revoke your binding death benefit nomination download or request a Binding death benefit nomination fact sheet (which includes a nomination form). Complete and sign the form and return it to UniSuper.

If you do not make any nomination

If you have not made a preferred beneficiary nomination or a binding death benefit nomination, in the event of your death the Trustee will pay your benefit to one or more of your dependants and/or legal personal representatives in proportions determined by the Trustee.

If you do not have any dependants or a legal personal representative at the date of your death, the Trustee will pay your benefit to any other person it determines as required by superannuation law.

Keep your nomination up to date

Regardless of the type of nomination you choose, it is important that you keep your nomination up to date. This is especially important if your circumstances change, for example, if you get married, change partner, have a child, or if someone you have nominated as a beneficiary dies or ceases to be a dependant.