Estate planning
On your death, your superannuation benefits in the Fund may be treated differently to other assets you own. The trustee of the Fund is generally required to pay your benefits as soon as practicable after your death either directly to one or more of your dependants or to your estate.
In the event of your death:
- we will continue to deduct applicable administration and adviser fees until the payment of your superannuation benefit is authorised by the trustee and your account is closed
- your investments will continue to be invested in accordance with the most recently selected investment strategy until we receive other instructions from a properly authorised person.
Death benefits can be paid as a lump sum, pension or combination. However, only certain beneficiaries who have been nominated by you are eligible to receive your death benefits as a pension. Death benefits pensions are paid via Macquarie Pension Division.
Who is a dependant?
Under current superannuation law a dependant includes:
- spouse (including a de facto spouse but not a former spouse)
- a person with whom you have an interdependency relationship, and
- a person who was otherwise your dependant just before you died (typically this would be someone who was financially dependent on you just before you died).
Nomination options
There are a number of options for nominating to whom, and in some cases how, your benefit may be paid in the event of your death:
- No nomination
- Non-lapsing death benefit nomination
- Reversionary pension nomination (Pension Division only)
- Child Pensions
Your nomination must be in respect of one or more of your dependants or your legal personal representative.
This section will help you understand how you can use your superannuation as an estate planning tool, including details on:
Part A of the Avenue Retirement Service PDS