Thinking about who you’d like to receive your super if you were to die can be difficult. But leaving clear instructions should the worst happen can make it easier for your loved ones should the need arise.
By nominating one or more beneficiaries, you’re telling us who you’d like us to pay your super and insurance to if you die. We take your beneficiaries into account when determining how to pay your Statewide Super benefits – this includes your super balance and any Statewide Super life insurance you may have. It’s important to update these details to reflect any changes in your personal circumstances, such as getting married, having children or getting divorced.
Your beneficiaries must be:
- Your dependant(s), or
- Your legal personal representative – the executor or Administrator of your Estate, or
- A combination of your dependants and legal personal representative.
A dependant may include your spouse (including de facto or same sex partner), your children or someone who is financially dependent on you at the time of your death.
It’s important to be aware that different tax laws apply to different beneficiaries. See the ‘How super is taxed’ booklet for more information.
Binding beneficiary or preferred beneficiary?
There are two types of beneficiary nominations you can make:
1. Binding beneficiary nomination
A signed and witnessed binding beneficiary nomination will ensure that your Statewide Super benefits (including super and insurance) are paid to the beneficiaries you choose, provided they meet all legal criteria. To help us know your binding nomination is always up to date, you’ll need to renew your binding nomination every three years, but we will remind you when your nomination renewal is due.
2. Preferred beneficiary nomination
Preferred beneficiaries are the people you’d prefer to receive your super and any insurance benefit upon your death. This kind of nomination is not formally binding and Statewide Super’s trustee will take your nomination into account when they make their decision about who will receive your super.
Nominate a beneficiary on your Statewide Super account
To make a new binding or preferred beneficiary nomination, or to make a change to an existing nomination, complete the Change of details form and return it to us. We’ll let you know once your details have been updated.
If you’re unsure about your decision, please give us a call on 1300 65 18 65 and a member of our team we’ll be able to talk you through the different options.
We’ll also list your beneficiary/beneficiaries on your annual statement each year, so be sure to read your statement to make sure your details are up to date.
You can also check your beneficiary details by logging into your secure Statewide.On.Line account.
For more information, read the Beneficiary information in the How super works booklet.
Call our friendly Client Services team on 1300 65 18 65 if you have any questions.
For personalised advice tailored to your individual needs, consider talking to a Financial Planner.
The information provided is of a general nature. In providing this information we have not taken into account your objectives, financial situation or needs. Further, we recommend that professional financial advice should be sought from a qualified adviser with regard to your objectives, financial situation and needs before considering or acting on the appropriateness of the information given.