Death Benefit Nominations
We offer two different types of death benefit nominations, for you to nominate one or more beneficiaries to receive any death benefit from your Nationwide Super account:
- Non-binding (preferred) nomination
- Binding nomination
Non-binding (your preferred) nomination
What does it mean?
A non-binding or preferred beneficiary nomination will guide the Trustee of the Fund as to your wishes; however, the Trustee makes the final decision as to whom the benefit will be paid. The Trustee is guided by superannuation legislation and must ensure the benefit is paid to your dependants.
The Trustee will take into consideration your circumstances and those of your potential beneficiaries at the time of your death.
Who can I nominate as a beneficiary?
When nominating your non-binding beneficiaries, please ensure that you nominate a dependant beneficiary.* The Trustee can only consider a non-dependant where there is no dependant(s) or estate.
You can nominate as many beneficiaries as you wish.
How do I make or change a nomination?
You can make and change non-binding beneficiary nominations at any time by logging into MemberAccess or by completing a Nomination of Beneficiaries form.
Binding nomination
What does it mean?
A binding death benefit nomination is legally binding on the Trustee of the Fund. This means that on your death, your Nationwide Super benefit would be paid as you instructed, as long as your nomination is valid and any named beneficiaries are dependent upon you at the time of your death.
Who can I nominate as a beneficiary?
You can nominate your legal personal representative (i.e. Estate) and/or any dependants*.
How do I make a nomination?
You must complete and submit a valid Nomination of Beneficiaries form to make a binding nomination.
Can I change my nomination?
Any binding nomination you make will remain in place for a period of three years from the date you made the nomination (unless you cancel it or make a new binding nomination) and would need to be renewed prior to expiry to remain valid.
It’s important to regularly review a binding death benefit nomination and keep it up to date as your circumstances change, as a valid nomination cannot be overridden by the Trustee or your dependants.
If you have not nominated a valid preferred beneficiary at the time of your death we will attempt to locate potential beneficiaries in line with our normal death claim process. We also have the option of paying your benefit to your Estate.
Note: For members with a binding nomination in place prior to 1 December, 2018 – you will have received notice that as a result of the transfer to Russell Investments, that your binding nomination would be treated as a non-binding nomination only, after 30 November 2018. If you want a binding nomination to apply to your account, you will need to make a new nomination.
*A ‘dependant’ includes:
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Your spouse (including de facto);
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Any child of yours (including step, adopted or ex-nuptial);
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Any person who was financially dependent on you at the time of your death; and
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Any person who was in an interdependency relationship with you at the time of your death.