A beneficiary is like an ‘heir’ to your super savings – the person or people who will receive your super if you die.
The balance you have in your account, plus any insurance payment (if you have insurance through Vision Super) makes up what we call your super death benefit. As the Trustee of monies held in Vision Super for a member, when a member dies, the Trustee is responsible for determining the way the monies are distributed. There are some special rules that control how trustees can distribute super death benefits.
Importantly, you can (and should) control who would get your super death benefit by nominating a beneficiary now.
A beneficiary must be either your dependent (e.g. your children or your partner) or your legal personal representative (usually the executor of your will).
A note about legal personal representatives:
If you want your death benefit to go to someone who is not your dependent, you can nominate your legal personal representative as your beneficiary, and leave that person money in your will.
Wills, or estate planning, can be a complex matter, and we recommend seeking legal advice if you wish to take this option.
There are two ways to nominate a beneficiary: you can make a binding death benefit nomination or you can make a preferred beneficiary nomination. So, what’s the difference?
This is usually referred to as a binding nomination and is the formal, legally binding way to do it. It means that we have to pay your death benefit the way you’ve specified if the binding nomination is valid and effective when you die, except in special circumstances such as a court order.
To set this up, you’ll need to fill in a form, sign it and have it witnessed, and post us the original.
It’s valid for three years from the date it is signed. To change a binding death benefit nomination, you’ll need to send us a new form.
To make a binding nomination or to change or update your existing nomination, download the form here and print it out, fill it out and sign it. Two other people over the age of 18 who are not your beneficiaries have to watch you sign and then sign the form as witnesses. You can then post it to us.
A preferred beneficiary nomination is also known as a ‘non-binding nomination’. You can nominate a preferred beneficiary easily, by logging Into your Vision Super account or by filling out a nomination form.
This is simpler as you don’t need witnesses, but you need to understand that this is only a preference and not a binding legal document. What that means is that Vision Super can legally distribute your death benefit amounts differently to the way you have nominated.
To nominate your preferred beneficiaries the quickest way is through your online Vision Super account:
If you prefer, you can also make or change a non-binding nomination by completing and sending us the beneficiary nomination form.
You might find the answer to your question in the FAQ below. If you don’t find it there, you can call our Member Services hotline on 1300 300 820. Or complete the quick contact form and one of our team will contact you within the next two business days.
We’re required to have Target Market Determinations under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.
This is to make sure we’re keeping members at the centre of our approach to the design and distribution of our financial products.
This legislation requires financial services product issuers to design products that are appropriate for the consumers in the target market and consistent with their objectives, financial situation, and needs.
A Target Market Determination is a document which describes who a product is appropriate for (target market), and any conditions around how the product can be distributed to customers.
It also describes the events or circumstances where we may need to review the Target Market Determination for a financial product.
It depends how your details have been changed. The most common request is changing a surname due to marriage, which you can do with a certified copy of your marriage certificate, and a Vision Super “Change of Personal Details form” found here: view form
If you have changed your name another way, we recommend you contact us first on 1300 300 820 so we can outline what documents we need to change your details without issue.
If you want to change your address, you can do this by logging onto the secure member portal online, or calling our Member Services team on 1300 300 820.
Here’s how it works. You may be able to receive a tax-free contribution from the Government when you make a non-concessional (after-tax) contribution to your super account. The maximum entitlement that can be received is $500 where your total income is $41,112 or less in the 2021/22 year. This reduces on a sliding scale and cuts out if your total income is above $56,112 in the 2021/22 year.
This is, of course, provided you satisfy work, income and age tests.
Please note that the income threshold test for the co-contribution is your total income, which is calculated as follows:
Total income (assessable income + reportable fringe benefits + reportable employer super contributions – allowable business deductions).
In very basic terms, ‘salary sacrificing’, or ‘salary packaging’ means using some of your before-tax salary to pay for something. In superannuation terms, it is usually an arrangement between you and your employer to contribute some of your before-tax salary into your superannuation account.
In the 2021/2022 financial year, the maximum that can be contributed as before-tax payments is $27,500, this includes your employer SG payments of 10%.
Please note that any after-tax contributions made, where you obtain a tax deduction, are included in this contribution limit.