Superannuation
Hi All, Just venting my frustrations, for two days I have emailed the super I have like many of others have about trying to access some of my super to help out with the incoming house hold bills mortg...
Forum Discussion
Hi @HIT
I had a quick look on the net and found the words I had in my mind (which would not come out at the time !!) - these were as per the post @iserbrown - 'binding', 'non-binding' and 'non-lapsing-binding'. These relate to what happens with one's superannuation at the time of death.
I had a quick look on the net and found the words I had in my mind (which would not come out at the time !!) - these were as per the post @iserbrown - 'binding', 'non-binding' and 'non-lapsing-binding'. These relate to what happens with one's superannuation at the time of death.
Binding nominations. If you make a binding nomination, the trustee of your super fund is required, by law, to pay your benefit to the person/s you have nominated when you die, as long as the nomination is valid at the time of your death. Binding nominations generally only remain valid for three years.
A member can choose to
make: 1. A Binding Nomination: The Trustees MUST pay the death benefit as
nominated. 2. A Non-binding Nomination: The Trustees have the discretion to
follow the stated wishes of the member or direct the entitlements to another
person (or persons) or pay the entitlement directly to the Estate.
A Non Lapsing Binding Death Benefit Nomination is a death benefit nomination made to the trustee of your superannuation account that does not have an expiry date.
Hope this helps.
Summer :-)