Superannuation is one of your biggest investments and it can have a substantial impact on your financial future. It's important to remember that it can also have a major impact on the future of your family and loved ones in the event of your death.
Your estate includes your assets, which are distributed according to your Will after you die. These assets are in your name, and generally you can instruct the executor of your Will to distribute your assets however you wish.
Your super is managed by the Trustee of your super fund. This means it will be treated separately to your estate. So, you can instruct the Trustee of your super fund on who you wish to receive your super death benefits after you die.
Your super death benefit is made up of your super account balance plus any applicable insurance benefits (i.e. payments from any insurance cover held within your super account). You can instruct your Trustee by nominating your beneficiaries.
Nominating a beneficiary or several beneficiaries helps you to have a say as to where your super money goes when you’re no longer around. You can also nominate how much of your death benefit each beneficiary receives.
If you don’t nominate a beneficiary, the Trustee may be required to pay your death benefit to your Legal Personal Representative. If you don’t have a Legal Personal Representative, your death benefit may be paid to one or more of your dependants determined by your Trustee.
You can nominate your Legal Personal Representative (the administrator of your estate or executor of your will) or a dependant.
Superannuation law defines a dependant as:
*Your spouse includes:
You can nominate or update your beneficiaries at any time. Just log into your BT super account or contact us.
To find out about the nominations you already have in place, please check your last super account statement, log into your BT super account or contact us.
This information is current as at 27/7/2020.
The information shown on this page is general information only, it does not constitute any recommendation or advice; it has been prepared without taking into account your personal objectives, financial situation or needs and you should consider its appropriateness with regard to these factors before acting on it. You should also consider obtaining personalised advice from a professional
financial adviser before making any financial decisions in relation to the matters discussed hereto.
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