Protect it

 

Who gets your pension?

Unlike your other assets, the money in your pension account does not automatically form part of your estate. That’s why we need you to tell us who you want to get the money when you die, by nominating your beneficiaries. If you don’t, it’s left up to the Trustee to decide how your death benefit should be distributed to your dependants.

Generally speaking, your death benefit can only be paid to your dependants or your personal legal representative (to form part of your estate). Under super law a ‘dependant’ is:

  • your spouse (including an opposite or same-sex de facto partner)
  • your children
  • anyone who is financially dependent on you; and
  • anyone with whom you share an interdependency relationship.

While it’s not something we like to think about, it’s your money so it’s important to make sure your wishes are known to us.

 

What are the types of nominations you can make?

If you would like your spouse (married, de facto or same sex) to continue receiving your pension payments when you die you need to make a Reversionary nomination.

Your pension payments will automatically be paid to your spouse on your death, provided they are still your spouse at the time of your death.

You can only nominate a reversionary beneficiary before your pension commences. However, you can change it by completing the Change of Reversionary Beneficiary form.

If your pension cannot be paid to your reversionary beneficiary (e.g. if you divorce or they are no longer your spouse), the money in your account will be payable as a death benefit to your dependants or your legal personal representative through your estate.

With a Binding Nomination you decide who gets your death benefit. It gives you peace of mind knowing that, when you die, the money in your super will be distributed according to your wishes, as long as your nominated beneficiaries are dependants and the nomination is valid at the time of your death.

A Binding Nomination is only valid for three years – so it’s important you update it at least every three years or when your circumstances change. A binding nomination will become invalid and non-binding on the Trustee if you marry or divorce, enter into or end a de facto relationship.

To make or update a binding nomination, complete the Binding Beneficiary Nomination form.

A non-binding nomination tells us who your preferred beneficiaries are. However, it is not binding on the trustee. This means it is ultimately up to the Maritime Super Trustee to decide who gets your death benefit, taking into consideration your nominated dependants as well as your personal circumstances at the time of your death.

To make or update a non-binding nomination, login to Member Online or complete the Non-binding Beneficiary Nomination form.

 

If the Trustee, after making reasonable efforts, is unable to locate any of your dependants or a legal personal representative, we will pay your benefit to some other suitable individuals as determined by the Trustee.

 

Need to update your beneficiaries?

You can update your beneficiaries at any time by completing a new nomination form. You can call us on 1800 757 607 to see if you have beneficiaries nominated, or if your nomination is up to date.

 

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