Mercy Super - Always for you

While not necessarily the most heart-warming topic, it is important to consider who you would like to receive your benefit if you die while you are member of the Fund. Your death benefit may provide valuable financial assistance to your dependants - potentially making a generally distressing time a little less uncertain and worrying for many.

 

What happens to your superannuation if you die?

 

The important thing to remember about your superannuation benefit is that it does not automatically form part of your Estate - the Fund Trustee has the discretion to pay your benefits to your dependants and/ or your legal representative (please refer to the definitions on the Change of Beneficiaries Form). The Trustee allows you to specify how you would wish your death benefit to be paid by making a beneficiary nomination.

 

You can choose the type of nomination that best suits your needs, either:

 

• a non-binding nomination; or
• a binding nomination

 

Non-binding nominations

 

A non-binding nomination of your preferred dependants is not binding on the Trustee, but will assist the Trustee in exercising its discretion (refer to page 2 of the Change of Beneficiaries form).

 

Binding nominations

 

This means you can request that the Trustee of the Fund, in the event of your death, to be bound by the nomination you make on your Binding Death Benefit Nomination form (page 3 of the Change of Beneficiaries form) when they are paying out your death benefit. Provided that your nomination is a valid one (please refer to page 4 of the Change of Beneficiaries form for details), the Trustee will be obliged to pay any death benefit entitlement to the person or people you have nominated on your form.

 

Income Streams - Reversionary Pensions

 

Unique to Income Stream members is the option to choose a Reversionary Income Stream, whereby an income stream benefit continues to be paid to a dependant after you die. For more information on Reversionary Income Streams, please refer to the Income Streams Member Booklet or contact us for more information.