Death Benefit Arrangement Instructions

This form can be used to request a death benefit nomination or agreement. In relation to death arrangements the legislation allows for the following:

OptionBinding or non-bindingExpiring or "permanent"
Death Benefit NominationMember chooses

A non-binding nomination lasts until revoked or replaced

A binding nomination will expire in 3 years

Death Benefit AgreementAlways binding

Always permanent util the member revokes or replaces the Agreement

Please note that we do not provide any advice as to which choice is best for the member, nor how the nomination or agreement fit in the members estate planning. Further, we recommend that the member seek legal advice to ensure that the correct options are selected for their circumstances.

Does the member want to nominate a reversionary beneficiary?

Explanation:

This will ensure that 100% of any retirement phase pension the member is being paid at the time of death automatically reverts to a specified person, who is a pension dependant, as an income stream upon the member's death.

From 1 July 2017, where a member's retirement phase pension is paid as a death benefit in the form of a pension to the member's pension dependant, it will be credited towards the beneficiary's transfer balance account. The transfer balance account will be credited either:

  • At the time the pension starts to be paid to the beneficiary, if the pension did not automatically revert to the beneficiary; or
  • 12 months after the members death, if the pension automatically reverted to the beneficiary (that is, it was a reversionary beneficiary)

Australian Super Manager cannot give you any advice about this. The summary here is information only.

Section 1 - Fund Details

Section 2 - Trust Deed

A deed variation can be completed at the same time as the death benefit arrangements to ensure that the Trust Deed is updated to include all up to date legislative changes and that the death nomination or agreement is operational with the Deed. We recommend if the Deed is more than 5 years old or if there is a significant decision or strategy in relation to the fund that the Deed is updated. Please refer to our fee schedule for current fees.

Do you want a Deed Variation completed?

Please provide the name of the current Trustee/s

Section 3 - Member Details

Member: 1

Death Benefit Arrangements

* It is recommended that you seek legal advice before making a nomination.

How does this member want to handle their death benefit payment arrangements?

If at the time of the members death, not all the death benefits are distributed to the above reversionary beneficiary as a pension, how does the member want the death benefits distributed?

Instructions

Full Name: Ensure you provide the beneficiaries full name

Relationship to Member: e.g. Legal Personal Representative, Spouse, Child, Stepchild

Proportion of Benefit (%): needs to add to 100%

Form of Benefit: can be selected as one of the following options:
  • Lump Sum
  • Death Benefit Pension
  • At the discretion of the Trustee

Beneficiary 1

Section 4 - Declaration

By signing the below declaration, I/we as trustees/members of the fund: