Decide Your Beneficiaries
If you die and have an Income account with BUSSQ, any remaining balance will generally be paid to your dependants and/or your legal personal representative. The balance of your account is made up of any money remaining in your account, less outstanding fees and taxes.
Who gets your Income account if you die?
The treatment of death benefits can be complex, which is why we recommend you obtain advice on the most effective way to plan your estate. BUSSQ can provide you with advice, see what sort of advice do you need.
Your BUSSQ Income account gives you two options to provide for your dependants in the event of your death prior to your BUSSQ Income account running out.
Nominate a reversionary beneficiary
A reversionary Income account is an Income account that continues to be paid to your spouse or other named reversionary beneficiary following your death. A reversionary beneficiary must be a dependant.
You can only nominate a reversionary when you commence your BUSSQ Income account. If you want to change your nominated reversionary beneficiary at a later date, you have to cancel the Income account related to your nominated reversionary beneficiary and open a new BUSSQ Income account.
A reversionary beneficiary can choose to be paid their income from their Income account and be paid a lump sum benefit or a combination of the two. If the reversionary beneficiary dies before their BUSSQ Income account runs out, the balance of the account will be paid to the reversionary beneficiary’s preferred beneficiaries or legal personal representative.
Nominate your preferred beneficiaries
You may nominate one or more of your dependants or your legal personal representative as the recipient of your BUSSQ Income account in the event of your death. You can choose the type of nomination that best suits your needs, either:
- A non-binding nomination, or
- A binding nomination.
The most appropriate nomination will depend on your personal circumstances. You should seek advice from an appropriate adviser if necessary. If you do not make a nomination the Trustee will, in its’ absolute discretion, pay your benefit upon your death to your dependant(s) and/or your legal personal representative.
If you choose to make a non-binding nomination, BUSSQ will use this nomination as a guide, along with other current and relevant information it has, to make a decision about where your benefits will be paid in the event of your death. However, your nomination is not binding on BUSSQ’s Trustee.
This means that you can request that BUSSQ be bound by the nomination you make on your Binding Death Benefit Nomination form when they are paying out your death benefit. Provided your nomination is a valid one, BUSSQ will be obliged to pay any death benefit entitlement to the person or people you have nominated on your form. You can only make a binding nomination to a dependent.
With BUSSQ you can also nominate for your death benefit to be paid into one or more Child Income accounts for your dependent children using a Binding Death Benefit Nomination to Child Income form. Learn more about a nominating a Child Income account as your beneficiary and choosing to protect your child’s financial future.
For your binding nomination to be valid, certain conditions must be met – please contact BUSSQ for further information.
Skylight's Financial Planners can work with you to make the most of your super, and set you up with the best options for your retirement. They provide advice about your super, as well as offer many other services such as assistance with completing Centrelink paperwork. Visit skylight.com.au for more information.