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Please keep this information sheet for your records—
don’t return it with your completed form(s).
If your binding nomination is no longer valid, then we’ll
automatically treat your binding nomination as a non-binding
nomination—see option 2: non-binding (or preferred)
Types of binding nominations
A binding nomination can be either lapsing or non lapsing.
Lapsing – A lapsing binding death benefit nomination is valid
for up to three years from the day after the date it was first
signed, or last confirmed or changed. For the nomination to
remain valid, you must confirm the nomination in writing
every three years before the three-year period expires. We’ll
send you a renewal notice shortly before the three-year
expiry date so you can reconfirm your nomination. You must
sign and date the confirmation but it doesn’t need to be
– the nomination has already expired
– your form is sent to us (or is received by us) after the expiry
– you’ve changed your beneficiaries.
Non lapsing – A non lapsing binding death benefit nomination
doesn’t expire, so it doesn’t need to be confirmed every
Option 2: Non-binding (or preferred)
If you make a non-binding (or preferred) death benefit
nomination, we’ll decide which of your beneficiaries (and in
what proportions) will receive your benefit in the event of
your death. We’ll generally pay your nominated beneficiary/
beneficiaries—however, depending on your circumstances
at the time of your death, we may decide to pay your death
When you make a nomination, we won’t check whether:
– your nominated beneficiaries on the nomination form are
your dependants or your legal personal representative
– you’ve signed or completed the nomination form correctly.
A non-binding nomination will continue to apply until you
cancel or change your nomination. Therefore, it’s important
that you keep your non-binding nomination up to date in line
with your personal circumstances. You can cancel or change
your nomination at any time.
If you cancel your non-binding nomination without making
another nomination, we must pay your death benefit in
accordance with option 3: no nomination.
Option 3: No nomination
If you don’t make a nomination or you cancel your existing
nomination, we must pay your death benefit to your estate.
However, if your estate is insolvent or if a legal personal
representative hasn’t been appointed to manage your
estate within a reasonable period of time, then the trustee
– which of your dependants will receive your death benefit
and in what proportions (if you have dependants), or
– which other persons will receive your death benefit and
in what proportions (if you have no dependants).
This means that if you don’t have a non-binding nomination,
you should consider making a will or altering your will to cover
your account’s death benefit.
Who is a dependant?
A dependant includes:
– your spouse (including a de facto spouse)
– your children (including an adopted child, a step child, or
– any person who is financially dependent on you, and
– any person with whom you have an interdependency
relationship (see below).
Note: A person must be a dependant on the date of your
death to be considered as a beneficiary.
What is an interdependency
Two persons (whether or not related by family) have an
interdependency relationship if:
– they have a close personal relationship, and
– they live together, and
– one or each of them provides the other with financial
– one or each of them provides the other with domestic
support and personal care.
An interdependency relationship also includes two persons
(whether or not related by family) who:
– have a close personal relationship, and
– do not meet the other four criteria (listed in the paragraph
above) because either or both of them have a physical,
intellectual or psychiatric disability.