Additional information about your beneficiaries

Definition of a beneficiary

You can nominate one or more dependants or your legal personal representative to receive your benefit if you pass away.

‘Your benefit’ includes:

• Super members: superannuation benefit and any death insurance cover (if eligible)
• Pension members: pension benefit

There are rules around who can receive your benefit. For binding (including non-lapsing) and non-binding beneficiary nominations, you can nominate one or more dependants or your legal personal representative. Eligible nominations may include:

• Your legal or de facto spouse/partner
• A person who is in an interdependency relationship with you
• Your child
• Your legal personal representative, such as the executor of your will or the administrator of your estate
• Anyone who is financially dependant on you when you die

If you’ve made a beneficiary nomination for this account, please note it will not apply to any other account you have with CareSuper – you need to make a beneficiary nomination for each account.

How your benefit would be paid to your beneficiary(ies)

Following your death, your benefit will be paid to your eligible beneficiary(ies) as follows:

• Non-binding nominations: To the dependant(s) or your legal personal representative in the proportions ultimately determined by the Trustee


• Valid binding nominations (including non-lapsing): If you’ve made a valid binding beneficiary nomination or a valid non-lapsing binding nomination, we are bound by your wishes and your benefit will be paid in the proportions nominated by you.
  
  Please note if a portion of your death benefit is unable to be paid in accordance with your instructions (e.g. in the case the nominated person(s) died before you, or has ceased to be a dependant), your nomination will no longer be binding. In this circumstance, the Trustee will determine how your benefit is paid, in accordance with superannuation law.
  
  Certain changes to your circumstances may mean that a non-lapsing binding nomination becomes invalid, for example, if you get married.
  For non-binding nominations and valid binding nominations (including non-lapsing), the Trustee will pay your benefit as a lump sum or in some circumstances as a pension, where this is permitted by law.


• Reversionary beneficiary nominations (pension members only): your benefit will continue to be paid as a pension to your spouse or other named dependant. If you’ve elected a child to be a reversionary beneficiary, any remaining benefit will be paid as a lump sum when they turn age 25, unless they suffer a qualifying disability.

How to remove or change a beneficiary

It’s your responsibility to keep your beneficiary nomination up to date if your circumstances change.

Update your non-binding beneficiary nomination by following the prompts on the beneficiary page in the online portal.

To remove or update a binding beneficiary nomination (including non-lapsing nominations), you must fill out a new binding beneficiary form.

Please note that a binding beneficiary nomination will not override a reversionary beneficiary nomination on your pension account.

You can only nominate a reversionary beneficiary when you open your pension account.  Once your pension account is open, you can’t change or cancel your nomination unless you close your pension account and open a new one.

Communication on confirmation of beneficiary nomination - successfully added to account

When you make a beneficiary nomination or make a change to your beneficiaries we’ll confirm this for you with a message on your account activity page. We may also email or write to you.

Where you can find more information

For more information about your beneficiary nominations, see the beneficiaries page on our website.  

Alternatively, you can send us a message or call 1300 360 149

The information provided in MemberOnline is general advice only and has been prepared without taking into account your particular financial needs, circumstances or objectives. You should consider your own investment objectives, financial situation and needs and read the appropriate Product Disclosure Statement and Target Market Determination before making an investment decision. You may also wish to consult a licensed financial adviser.

While all reasonable efforts have been made to ensure the information is accurate, CareSuper reserves the right to correct any error or omission.