Choose your beneficiaries

Super benefits are treated separately from your other assets and don’t automatically go to your estate (as part of your will) in the event of your death. First Super must follow superannuation and tax laws to decide who is eligible to receive any super and insurance payments (i.e. your beneficiaries). To enable us to do this we need you to complete and return a Nomination of Beneficiary Form.

If you haven’t told us about your wishes, read on to find out how to nominate and make sure the people you care about are looked after financially.

Your nomination options

There are two types of nomination with small but important differences:

• Non-Binding Nomination
  This is effectively a request for the Trustee to pay your benefit in a certain way on your death. It is not legally binding, but the choice you have made is taken into account.
• Binding Nomination
  First Super is bound by law to follow this instruction, provided that the nomination is legally valid at the time of your death and the person(s) nominated qualify for payment under the law when the benefit is paid. A Binding nomination is valid for three years, which means a new nomination must be made and returned to First Super every 3 years.

Tax on death benefits

Death benefits paid to dependants (generally limited to your spouse and minor children) are tax-free.

The ‘taxable component’ of a death benefit paid to non-dependants will be taxed at special rates. For more information, contact the Australian Taxation Office (ATO) on 13 10 20. Alternatively, for personal financial advice speak to one of our authorised Financial Planners*.

How to nominate

Complete a Nomination of Beneficiary Form, or on request the form to be sent to you by Member Services Team by calling 1300 360 988.

If you wish to make or amend a Binding Nomination, the form must be signed by two witnesses and returned to First Super by mail only for processing.

For a Non-Binding Nomination, you can either mail or email the form back to First Super.

You can also make, change or cancel a Non-Binding Nomination at any time using the firstonline member portal.

• In the top navigation, go to “My Details”.
• Then select “Beneficiaries”.
• Then click the “UPDATE NON-BINDING BENEFICIARIES” button.

More details about nominating and a Nomination of Beneficiary Form are available on our Choose Beneficiaries web page. You can also find information on page 10 of our Making the most of your Super booklet.

*First Super Financial Planners are authorised representatives of Industry Fund Services Limited (ABN 54 007 016 195, AFSL 232514).