A beneficiary is the person your super goes to if you die, and if you have an accumulation account or an account-based pension, you have to tell your super fund who you want it to go to. With a defined benefit account, you have one less thing to worry about, as your super automatically goes to your estate, so you just need to ensure you have a valid will.
Why having a will is important
With a DB account, since your benefit is paid to your estate via your executor (also called your legal personal representative), and distributed according to your will, it’s important to ensure that you have a valid will and that it is kept up to date.
If the superannuation death benefit is paid to your estate and your will does not make adequate provision for it, or you pass away without a valid will, your estate including super proceeds may be distributed in line with state-based intestacy laws.
Do you also have an accumulation account?
If you would like to choose what happens to your Vision Super accumulation account when you die, you can elect one of the following options:
- Make a ‘preferred beneficiary’ nomination, also known as a non-binding nomination
- Make a ‘binding’ nomination.
You can find more information about accumulation beneficiaries here.
Financial planning
Vision Super financial planners are superannuation and DB specialists and understand the intricacies of the Vision Super DB benefit and the choices available to you. Their job is to help members plan for their retirement. If you choose to obtain advice from a Vision Super financial planner, you may be charged a fee but if any fees are applicable, this will be discussed with you before any financial advice is provided. Call our Member Services team on 1300 300 820 Monday to Friday 8:30am to 5pm to set up a time.
