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Depending on the fund you are in, you may have the option to nominate beneficiaries for payment of your benefit in the event of your death. Your beneficiaries can be changed at any time. And it’s important you nominate who they are.
Generally, there are two types of death nominations:
A non-binding (also known as preferred beneficiary), enables you to nominate who you would prefer to receive your benefit in the event of your death. A non-binding nomination does not have a legal binding effect, which means that while ESSSuper will take into account who you have nominated the Board has the final decision as to whom they pay your benefit. This means that a non-binding nomination does not guarantee that your preferred beneficiary will receive your benefit.
A binding death benefit nomination is a legal document and must list an eligible person, and be witnessed by another party not nominated as a beneficiary, to be effective. This means that no matter what, your binding nomination will receive your benefit in the event of your death. This form of death nomination however, is only legally valid for three (3 years), which means you must nominate your beneficiaries every three years for them to remain valid.
You will find the forms relevant for your fund available through 'Your next steps' to the right of the screen. These forms will also offer you more information on how each nomination works.
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