If something happens to you, who gets your money? You can help your super go to the right person with one simple step: nominating a beneficiary.
Nominating a beneficiary is straightforward. There are two types of nominations:
A valid, binding death benefit nomination can give you greater certainty about who gets your super and/or insurance benefit. In order to make a binding death benefit nomination, you will need to complete this form and have it signed by two witnesses aged 18 or older.
A binding death benefit nomination is valid for 3 years from the date of signing and only if you have nominated a valid beneficiary and have it witnessed in the correct manner.
A valid beneficiary can be either your spouse, your child (of any age) or a person who is considered a dependant under the relevant superannuation law, or your legal personal representative.
The Hostplus trustee is required to take reasonable steps to identify and pay your super and/or insurance benefit to your potential beneficiaries, after taking relevant factors into account. These may include the nature of your relationship(s) with your beneficiary(ies) and their financial dependence, or otherwise, at the time of your death. Nominating a non-binding beneficiary allows the Hostplus trustee to take your nomination into consideration however it is not legally bound to follow it.
If you want to know more, download our PDS for further details about nominating beneficiaries, or give us a call on 1300 467 875. We’re available to assist with any enquiries Monday to Friday 8am - 8pm AEST.