Post by bazza44 on Jun 17, 2023 8:29:34 GMT 10
Article on death on the news prompted me to put this info here for any who do not know. I am not giving advice, do your own research because it is a complex issue. Look up these terms.
Non Binding Nomination --- Advice only to your super, company.
Binding Nomination--- Instructions to the super trustees of what you want them to do.
Reversionary Nomination --- Super continues but paid to beneficiary.
Example-- My wife and I have separate super policy's. We are self funded and receive a pension from our funds every month. We have reversionary nominations set up. When I die my fund will continue to pay the pension every month. But now to my wife. She has no decisions to make in a hurry.
Be aware that if you have money in super when you die it "may" be taxed at 17% to 32%. In other words if you know you are dying then get your money out of super and put it in the bank for your loved ones.
Not all super funds have these facilities and some can not change after setting up. Please do your own research to make things easier for those you leave behind.
Barry
Non Binding Nomination --- Advice only to your super, company.
Binding Nomination--- Instructions to the super trustees of what you want them to do.
Reversionary Nomination --- Super continues but paid to beneficiary.
Example-- My wife and I have separate super policy's. We are self funded and receive a pension from our funds every month. We have reversionary nominations set up. When I die my fund will continue to pay the pension every month. But now to my wife. She has no decisions to make in a hurry.
Be aware that if you have money in super when you die it "may" be taxed at 17% to 32%. In other words if you know you are dying then get your money out of super and put it in the bank for your loved ones.
Not all super funds have these facilities and some can not change after setting up. Please do your own research to make things easier for those you leave behind.
Barry
