Thinking about who you’d like to receive your super if you were to die can be difficult. But leaving clear instructions can make it easier for your loved ones, should the worst happen.
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. 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),
- Your legal personal representative – the executor or Administrator of your Estate,
- 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 valid binding beneficiary nomination will ensure that your Statewide Super benefits are paid to the beneficiaries you nominate (so long as they classify as a dependant or your legal personal representative), and in the proportions you choose. Your nomination is binding on the trustee of Statewide Super upon our confirmation of acceptance to you, and will remain valid for three years from the date you sign the form. We will send you a reminder in your Statewide Super Online portal before the three years pass to prompt you to update your binding beneficiaries.
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 on the trustee of Statewide Super, but we will take your nomination into account when deciding who will receive your benefits.
Nominate a beneficiary on your Statewide Super account
To make a new binding beneficiary nomination (or change an existing binding nomination) please login to your secure Statewide Super Online account, download the form and post the completed form to GPO Box 1749 Adelaide SA 5001.
To make a new preferred nomination (or change an existing preferred nomination) please login to your secure Statewide Super Online account and complete the online form.
If you have any questions, please give us a call on 1300 65 18 65 to speak with a member of our team.
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 check your beneficiary details anytime by logging into your secure Statewide Super Online account.