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Binding Nominations
Recent changes to superannuation allow you to decide who will receive your superannuation if you die. This means you can now plan in advance, the distribution of your estate, and your superannuation.
Until recently, the trustee of your superannuation fund had to make the ultimate decision as to who would receive your benefits on your death, although you could nominate your preferred beneficiaries.
However binding nominations have now been introduced into all Allocated Pension, Superannuation Bond and Lump Sum Option investment products. This means that the trustee will pay your superannuation benefits on death as you direct, to your dependants-spouse, defacto spouse, child and financial dependant- and/or your estate.
HOW DO I MAKE A BINDING NOMINATION?
You complete the binding nomination section in the Application forms for Superannuation and Allocated Pension products. These application forms are found at the back of the brochures containing the Key Features Statement and Fund information.
ARE YOU RETIRED, SINGLE, WIDOWED?
DO YOU HAVE AN ALLOCATED PENSION?
In the event of your death, the use of binding nominations will save your beneficiaries substantial tax e.g. Allocated Pension balance $300,000, approximate tax savings $50,000.
WIDOWED, DIVORCED, DE-FACTO?
You are now able to ensure through a binding nomination that the benefit is paid directly to the beneficiary (eg. Child) of your choice.
WHAT IF I HAVE ANY QUESTIONS?
If you have any questions please Contact McIntosh Financial Planning Pty Ltd
(07) 3870 9486
