NOMINATING YOUR BENEFICIARIES FORM

Transcription

1 NOMINATING YOUR BENEFICIARIES FORM BOCSUPER Complete this form to advise BOC Super s Trustee how you would like your death benefit to be paid. You can make either a binding or non-binding nomination for your death benefit. You may confirm, amend or revoke your nomination at any time. It s important to keep your nomination up to date. For more information and details of who can be nominated, refer to A guide to nominating your beneficiaries. If you have any queries about nominating beneficiaries, call the BOC Super Helpline on Personal details Please use blue or black pen Mr Mrs Ms Miss BOC Super member number Telephone (Work) (Home) (Mobile) ( ) ( ) 2. Nominated beneficiaries You can nominate your estate or your dependants or a combination of the two to receive your death benefit. Please check that the total of your nomination(s) adds up to exactly 100% so that your nomination is valid. 1. My estate AND/OR 2. My dependant(s) whose details appear below. Note: if you have more than three dependants, please attach an additional page and return it with this form. First nominee Second nominee Third nominee Please complete overleaf

2 3. Type of nomination Choose what kind of nomination you want. Tick ONE box only to indicate your choice. Option 1: Non-binding nomination Tick this box if you want the Trustee to use its discretion in paying your death benefit. The Trustee will be guided by your nomination, but will not be bound by it. The law requires the Trustee to pay the benefit in the best interests of your dependants. I would like the Trustee to use its discretion when paying my death benefit. I understand that this nomination replaces all previous nominations I have made and the Trustee will use my nomination as a guide. I understand and consent to my information being collected, disclosed and used in the manner set out in this form. OR Option 2: Binding nomination Tick this box if you want your nomination to be binding on the Trustee. The Trustee must pay your benefit as you have shown on this form if your nomination is valid at the time of your death, even if your circumstances change. I want the Trustee to be bound by my nomination. I understand that this nomination replaces all previous nominations I have made and the Trustee will be bound by my nomination, if valid, until: z Another nomination is received; or z Three years have passed. I understand that if my nomination is invalid, the Trustee will determine who receives my death benefit. I understand and consent to my information being collected, disclosed and used in the manner set out in this form. Witness declaration As a witness, I declare that: z This form was signed and dated by the member described overleaf in my presence; z I am at least 18 years old; and z I am not a beneficiary of this benefit. z I understand and consent to my information being collected, disclosed and used in the manner set out in this form. Witness 1 (By signing, you also make the four declarations to the left.) Full name: : (Must be the same date that the member signed the form.) Witness 2 (By signing, you also make the four declarations to the left.) Full name: : (Must be the same date that the member signed the form.)

3 Your personal information Privacy Collection ment BOC Super is administered by us along with our service provider, Mercer Outsourcing Australia Pty Ltd (Mercer). We collect, use and disclose personal information about you in order to manage your superannuation benefits and give you information about your super. We may also use it to supply you with information about the other products and services offered by us and our related companies. If you do not wish to receive marketing material, please call the BOC Super Helpline on Our Privacy Policies are available to view at or you can obtain a copy by calling the BOC Super Helpline on If you do not provide the personal information requested, we may not be able to manage your superannuation. We may sometimes collect information about you from third parties such as your employer, a previous super fund, your financial adviser, our related entities and publicly available sources. We may disclose your information to various organisations in order to manage your super, including your employer, our professional advisors, insurers, our related companies which provide services or products relevant to the provision of your super, any relevant government authority that requires your personal information to be disclosed, and our other service providers used to assist with managing your super. In managing your super your personal information will be disclosed to service providers in another country, most likely to Mercer s processing centre in India. Our Privacy Policies list all other relevant offshore locations. Our Privacy Policies set out in more detail how we deal with your personal information and who you can talk to if you wish to access and seek correction of the information we hold about you. They also provide detail about how you may lodge a complaint about the way we have dealt with your information and how that complaint will be handled. If you have any other queries in relation to privacy issues, you may call the BOC Super Helpline on or write to our Privacy Officer, BOC Gases Superannuation Fund, GPO Box 4303, Melbourne VIC Please return your completed form to: The Administrator BOC Gases Superannuation Fund GPO Box 4303 Melbourne VIC 3001 Issued by BOC Superannuation Pty Ltd ABN AFS Licence No as Trustee of the BOC Gases Superannuation Fund, ABN September 2015.

4 A guide to nominating your beneficiaries BOCSUPER Death is never an easy thing to contemplate, but the unexpected can happen at any time. If you die while a member of BOC Super, a death benefit will be payable to your beneficiaries and/or your estate. Take the time to make a nomination for the payment of your death benefit to ensure that those you care about are financially protected. This guide explains the options available to you for nominating your beneficiaries and how to make your nomination count. Choose from a binding or non-binding nomination Non-binding nominations If you make a non-binding nomination, BOC Super s Trustee will use your nomination as a guide when determining the distribution of benefits payable if you die. The law requires the Trustee to investigate your personal circumstances at the time of your death and pay your benefit in the best interests of your dependants. Binding nominations A binding nomination legally binds the Trustee to pay your benefit as a lump sum according to your stated wishes (provided that the nomination is valid at the time of your death). It is your responsibility to update your nomination every three years, or more often if your personal circumstances change. Your binding nomination needs to be witnessed by two people. Your witnesses must be at least 18 years old and must not be nominated as beneficiaries. Your witnesses must see you signing the Nominating Your Beneficiaries form and must sign and date the form at the same time you do. You must ensure you allocate the total share of your benefit. If the percentages do not add up to 100%, your nomination will be invalid. Who you can nominate Death benefits will normally be paid to your dependants or the legal representative of your estate. Your dependants are: z Your spouse (including a de facto spouse or same-sex partner) z Your children including any step child, any lawfully adopted child and any child born after your death z Any person who is wholly or partially financially dependent on you z Any person with whom you have an interdependency relationship, or z Any person who has the right to look to you for financial support, whether enforceable by law or not. A detailed definition of who can be a dependant, including interdependency relationships, can be found in the Product Disclosure ment for BOC Super for your category of membership. If you have no legal dependants or you prefer to do so, you may nominate the legal personal representative of your estate and your benefit will be distributed according to your Will. A lump sum payment made upon your death directly to a dependant (as defined for tax purposes) will be tax free. Some tax will generally apply to death benefit payments to non-dependants, including adult children. Where payment is made to your estate, the tax treatment will depend on the status of the person/people intended to benefit from the eventual payment of the benefit. For further details see the Other information leaflet which forms part of the Product Disclosure ment for your member category. This can be complex so please contact the ATO on or for more information.

5 Keeping your nomination up to date Change is a natural part of life. You may marry, separate from or divorce your partner, or have a child. As your circumstances change, it is your responsibility to regularly review and, if necessary, update your nomination. Binding nominations cease to have effect after three years from the date you sign your nomination unless you revoke it earlier. You can make a new nomination and it will apply for a further three years. If you nominate the legal personal representative of your estate, your death benefit will be paid according the terms of your Will, so you should also ensure that your Will is up to date. If you change your membership category within BOC Super, for instance you become a Retained or Pension member, any nomination you have made will continue to apply. If you have made a binding nomination, it will need to be remade after three years to continue to be binding. You also need to ensure that it is valid see below for details. You can update your nomination at any time. Ensure your binding nomination is valid There are some reasons why your binding nomination may be declared invalid. These include: z You nominate someone other than a dependant or your estate as a beneficiary z You fail to renew your nomination when it expires (i.e. at the end of three years) The z Nominating Your Beneficiaries form you submit is incorrect or incomplete or you do not use the required Nominating Your Beneficiaries form z Your nomination is made prior to your admission to BOC Super z You were legally incapable of making the nomination z The Trustee is legally restrained from paying your super benefit to one or more of the persons nominated by you, or z At the time of your death, someone you have nominated has died, is not a dependant or is not your legal personal representative. If your nomination is invalid, the Trustee will investigate your personal circumstances at the time of death to determine who receives your death benefit and treat your nomination in the same way as a non-binding nomination. Binding death benefit nominations cease to have effect after three years from the date you sign your nomination unless revoked by you earlier. Your binding nomination would also cease to have effect if you are subject to a Court Order at the time of your death that prohibits you from making a binding death benefit nomination, requires you to amend or revoke a nomination, or if the Trustee is prevented from paying out a death benefit in accordance with your nomination due to Family Law. Checking your nomination You can check your nomination for your death benefit on the Beneficiaries page of your membership record on the BOC Super website, your annual benefit statement from BOC Super or by calling the BOC Super Helpline on Want more information? If you have a question or want more information about your nomination options, call the BOC Super Helpline on The Trustee also recommends speaking to a licensed financial adviser for specific advice about your personal situation. The information in this publication is general information only and does not take into account your particular objectives, financial circumstances or needs. It is not personal advice. You should consider obtaining professional advice about your personal circumstances before making any decision based on the information contained in this document. Issued by BOC Superannuation Pty Ltd ABN AFS Licence No as Trustee of the BOC Gases Superannuation Fund. ABN MySuper Authorisation number September 2015.