Nominating your beneficiaries
Before commencing your income stream, it is important for you to consider who you would like to receive the balance of your account in the event of your death. We recommend you speak to your Financial Adviser prior to making a decision regarding your beneficiaries.
Who will receive the benefit?
You can nominate one or more beneficiaries to receive your benefit in the event of your death. Nominating a beneficiary helps ensure those close to you are looked after upon your death.
Each person you nominate must satisfy the definition of 'beneficiary' at the date of your nomination and death. These individuals must either be a dependant or your legal representative.
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.
I want to speak to an Adviser about IRIS and my beneficiaries
Contact Us to arrange for an Adviser to call you back when it suits you.
Last updated on 31st October 2016