Employer Account
Nomination of beneficiaries
All members of AUSCOAL Super and Account based Pension holders can nominate to whom their benefit is to be paid on their death.
A Binding Nomination means the Trustee must distribute the benefits as per your instructions. In order to be binding on the Trustee, a Binding Nomination must:
- be in writing, stating the full name and date of birth of beneficiaries;
- a nominated beneficiary must be a dependant or your executor (the person administering your Estate) at the time of your death;
- be signed and dated by you in the presence of two adult witnesses who are not nominated beneficiaries;
- contain a signed and dated declaration from your two witnesses that your beneficiary nomination was made in their presence; and
- for multiple beneficiaries, specify the proportions of the benefit, which must add up to no more than 100%.
A Binding Nomination must be updated at least every three (3) years and will become invalid if:
- it has expired; ie more than three (3) years has lapsed since the last binding nomination.
- a nominated beneficiary is not a dependant at the time of your death;
- the proportion of the benefit paid to each person is not certain or readily ascertainable; or
- you cancel it.
If you return a Nomination of Beneficiaries form and it is not witnessed, is incomplete or is not complying with legislation, it will be deemed to be a Non-binding Nomination. The Fund Trustees are not bound by this nomination. The Trustees will use their discretion to distribute your benefit to your appropriate dependants or your Estate.
To nominate beneficiaries you will need to complete a Nomination of Beneficiaries form:
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This information about the Fund is of a general nature. It does not take into account your objectives, financial situation or specific needs. Because of this, you should, before acting on any of this information consider whether it is appropriate for your objectives, financial situation and needs. You should consider seeking advice before acting on any of this information. If you have a choice about whether to join this Fund you should first consider our Product Disclosure Statement which you can download from this site, or call 1300 AUSCOAL to request a copy. AUSCOAL Advisory Services Pty Ltd ABN 22 104 151 635 is a Corporate Authorised Representative (number 240325) of Genesys Wealth Advisers Limited ABN 20 060 778 216 | AFSL No. 232686