Many of us who live in Australia know exactly what super is (aka superannuation).

But do we know what a binding death benefit nomination form is?

Recently, these documents lapsed and needed to be reissued, which prompted me into overdrive.

Unfortunately, not many of us know what a binding death benefit is unless however, you have set up a will.

Essentially, a binding death benefit nomination form is a legally bound document that instructs the super fund to pay your account balance to the beneficiaries listed as per instruction.

The trustee is bound by law to follow it.

This is done when the tragic event of your death takes place.

If there isn’t one, the fund has no obligation to transfer the money to the beneficiary / beneficiaries. I

It is at the trustees ultimate discretion.

It is therefore unprecedented to print those forms out, fill them in, sign them and post the hard copies directly to your funds head office.

For further information and help, see the Australian website below:

https://treasury.gov.au/sites/default/files/2019-03/c2019-t371937-discussion-paper.pdf