Click here to print this page.
Deciding who benefits from your income stream when you die
In the event of your death, the remaining balance of your IRIS Super Income Stream or Term Allocated Pension account may be paid to your dependant/s and/or legal personal representative.
The benefit may be paid as a lump sum, or can generally be paid as a continuing IRIS Super Income Stream or Term Allocated Pension to your financial dependants.
Who can be a beneficiary?
Dependants, including:
- your spouse (including a de facto spouse);
- any child of yours (including a child over 18);
- a person with whom you have an ‘interdependency’ relationship; or
- a person who is wholly or partially financially dependent on you at the date of your death. Your financial dependants are:
- your spouse (including a de facto);
- an permanently disabled child;
- a child 18-25 years, who is financially dependent on you*;
- a child under 18 years of age.
Legal personal representative, including:
- executor; or
- administrator of your estate.
Nominate a beneficiary
You can nominate a beneficiary at the time you invest in an IRIS Super Income Stream or Term Allocated Pension. You can change the binding and non-binding nomination at any time.
We will notify you of your nomination annually.
Nominating a beneficiary helps ensure that those close to you are looked after upon your death.
There are three ways to make a nomination:
- Nominate a reversionary beneficiary, whereby you nominate a person who is a dependant for superannuation and tax purposes (usually a spouse) at the commencement of your income stream. Payments of your income stream will revert to your nominated person upon your death. This nomination cannot be changed.
- Make a binding nomination, whereby the Trustee is required to pay your benefit to the dependant(s) you nominate.To nominate a binding beneficiary or change your current nomination, please complete the Binding Death Benefit Nominations Form and mail it to us.
- Make a non-binding nomination or as per your Will, whereby the Trustee will take your preference into consideration, but ultimately, may pay your benefit in accordance with its discretion. To nominate a non-binding beneficiary or change your current nomination, please contact us or login to IRIS Member Online.
If you do not nominate a beneficiary, the balance of your account will be paid to your estate or your dependants or a combination, as determined by the Trustee.
|
