The importance of making a Superannuation Binding Nomination

It is well known that the proceeds of a superannuation fund do not necessarily fall into your estate and may not be distributed in accordance with your Will, unless you nominate yourself as the beneficiary by making a Binding Nomination with the fund.

You need to make a Binding Nomination which obliges the trustee of your superannuation fund to distribute the proceeds in accordance with the nomination. This Binding Nomination is only valid for three years which means the Nomination needs renewal every three years so as to nominate what happens to your superannuation proceeds.

It is possible to make a Nomination perpetual by making the nomination in a Deed. We are finding that our clients want to make perpetual nominations by entering into a Deed or an Agreement. We have an appropriate Deed which has been accepted by most trustees of large superannuation funds and can be readily used.

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