How does a Child Income account work?
Using a Binding Death Benefit Nomination to Child Income form you can nominate BUSSQ to pay the balance of your superannuation account into one or more Child Income accounts for your dependant children.
In the event of your death the Child Income account/s will be open, and regular payments will then begin based on the options you choose.
Payments will continue until the money in the account runs out or your child turns 25, when the remaining balance will be paid to them as a lump sum.
A BUSSQ Child Income account can provide many benefits:
- Pay a regular income to your child’s primary carer to help with your child’s living expenses.
- Not impact government assistance or support available to your child’s primary carer.
- Boost the account balance with BUSSQ’s Headstart Bonus payment.
We are here to help you with any questions you have. Call us on 1800 856 722 to speak with one of our member representatives.
More information is also available in the BUSSQ Child Income Account Terms and Conditions.
How do I choose a Child Income account?
Request your super be paid into one or more Child Income accounts in the event of your death by following these three steps.
Complete a Binding Death Benefit Nomination to Child Income form
Complete a Binding Nomination to Child Income Join Form for each child detailed on your Binding Death Benefit Nomination to Child Income form.
Return your completed forms to: BUSSQ GPO Box 2775, Brisbane QLD 4001.
The forms can be found in the Child Income Binding Nomination Kit.