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Will your money end up in the right hands?

3 October 2011

Next to your house, your super (along with any applicable insurance benefit), is likely to be one of the biggest assets you will leave behind when you die. Have you told us who you want to receive your money?

Many people incorrectly assume that their benefit will be allocated according to their Will. But the truth is, you need to advise TWUSUPER who your preferred beneficiaries are. That way we can respect your wishes when working out who is eligible to receive your benefit.

Help us to make sure the people who rely on you get the financial support they need and make your nomination today.
 

How it works 

You need to nominate legally valid preferred beneficiaries (and keep them up to date) so TWUSUPER can be confident that the nomination reflects your current situation and wishes.
 

Who can I nominate?

Legally you can only nominate your dependant(s) or a legal personal representative (or, if there are none, another person such as a relative) to receive your super if you die.
 
Your dependants include your spouse, child or children, a financial dependant or a person with whom you are in an interdependency relationship.

Dependants are paid directly and not through the estate. Where the nomination is to a legal personal representative, the benefit is paid to the estate.
 

How often should I review my beneficiaries?

You should review your preferred beneficiaries regularly, just as you would your Will. The birth of children, a new relationship, death of a beneficiary, marriage, separation, divorce and remarriage are all times when you should think about whether your existing nomination still applies and reflects your wishes.
 

How do I view, update or advise my beneficiaries?

1. The fastest way to check, nominate or change your preferred beneficiary is to log in to MemberAccess. 

Once you're in MemberAccess, go to the 'Preferred beneficiary' link under the Member tab and advise your beneficiary details. It's that easy.

(If you haven't used MemberAccess before, simply register for MemberAccess on the log in screen. All you need is your member number.)

2. To advise or change your beneficiaries you can also, download a Change member details form.  Post or fax your completed form to us.

Make sure your nomination counts! Only eligible beneficiaries can be considered by the Trustee.
 

Next issue

Look out for our upcoming article on preparing a Will and setting up a Power of Attorney.

 
A dependant can be either a related or a financial dependant. A related dependant is a spouse (including de facto spouse), children (including adult children, stepchildren, adopted children, and children of the member's spouse (including de facto). A financial dependant is anyone who was wholly or partially financially dependent on the member at the time of death. A financial dependant is someone who receives any financial assistance from the member on a regular basis, even if it is only small, such as help with bills or buying food.
 
A legal personal representative is the executor of the will or administrator of the estate of a deceased person, the trustee of the estate of a person under a legal disability or a person who holds an enduring power of attorney granted by a person.
 
Generally two persons 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 support; and one or each of them provides the other with domestic support and personal care. In cases where either or both parties suffer from a physical, intellectual or psychiatric disability or they are temporarily living apart, having only a close personal relationship is enough for there to be an interdependency relationship. Under normal circumstances parents do not qualify as interedependants, but they will if the features of interdependency outlined above are present.
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© TWUSUPER 2011