Beneficiaries and Pensions?
You may elect to have your pension continue to be paid to your dependent (as defined by relevant tax law) on your death. This is known as a Reversionary Pension. Alternatively, you may make a nomination as to your preferred lump sum beneficiaries.
The Trustee will take into consideration your nomination when exercising its discretion in deciding who your benefits will be paid to. The Trustee will also decide the proportion of payment to the recipients.
Under a Non-Binding Direction you can nominate:
- Spouse which may include your de facto partner
- Child may include adopted, ex-nuptial, step or adult children
- Financial dependent may include any other person who is financially dependent on you at the time of your death
- Interdependent as defined by superannuation law
Please ensure that Portion of Benefit percentages (including any portion paid to your estate) add to 100%.
You can opt to make a binding beneficiary nomination. A Binding Nomination directs the Trustees to pay the member’s Death Benefit, exactly as specified in the Binding Nomination. For further details, please contact us. Binding nominations are subject to additional requirements and must be renewed every 3 years.
Provision and use of my Tax File Number (TFN)?
Collection of Tax File Numbers (TFN) is authorised, but not required, by the Privacy Act 1988, the Superannuation Industry (Supervision) Act 1993, the Tax Administration Act 1953 and the Income Tax Assessment Act 1936. The details below may change in the future as a result of legislative changes.
Your TFN may be used by the Trustee for lawful purposes only including:
- Taxing benefit payments at concessional rates.
- Finding and amalgamating your superannuation benefits when insufficient information is available.
Passing your TFN to the Australian Taxation Office for tax purposes, contributions, if you receive a benefit or have unclaimed superannuation money after reaching the agreed pension age.
- Providing your TFN to a superannuation fund or retirement savings account receiving your rollover. The Trustee will not pass on your TFN if you instruct the Trustee in writing.
- Passing your TFN to the Australian Taxation Office in connection with the Government’s co-contribution scheme.
You are not required to provide your TFN.
Deeming for Account Based income streams
Australia’s social security system uses deeming to assess income from financial investments. Some changes have been made that might affect you. Learn more here
Please note that the information contained on this website is a summary and general in nature. It does not take into account any personal objectives, financial situation or specific needs of individual members. We strongly recommend that you refer to our Pension Product Disclosure Statement (PDS) for the full terms and conditions, and obtain professional financial advice to determine the appropriateness of the information, taking into account your own personal circumstances.