Beneficiaries

If something should happen to you, do you know what would happen to your money?

What is a beneficiary?

A beneficiary is essentially the ‘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. When a member dies, Vision Super becomes the ‘trustee’ of their money. That basically means we are entrusted with the money and the way it’s 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.

Your beneficiary must be either your dependents (ie 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.

How to nominate a beneficiary

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?

1

A binding death nomination

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.

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 we receive it. 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.

Download the binding death benefit beneficiary nomination form

2

A preferred beneficiary nomination

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 funds differently to the way you have nominated.

Log into your account

To nominate your preferred beneficiaries the quickest way is through your online Vision Super account:

Download the form

If you prefer, you can also make or change a non-binding nomination by completing and sending us the beneficiary nomination form.

For more detail about beneficiaries and how to nominate them, read our beneficiaries fact sheet

We're here to help

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. 

Frequently asked questions

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.

You can check your balance 24/7 via Vision Online, our secure member secure site, or via the Vision Super app for mobile devices. You can also contact our Member Services on 1300 300 820 or by emailing us on [email protected]

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 $39,837 or less in the 2020/21 year. This reduces on a sliding scale and cuts out if your total income is above $54,837 in the 2020/21 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 2020/2021 financial year, the maximum that can be contributed as before-tax payments is $25,000, this includes your employer SG payments of 9.5%.

If you’re contributing by BPAY, it can take Vision Super up to two business days to receive your contribution, then up to three business days to process, although most are done the same day they are received. This will depend upon your financial institution’s processing times.

If you’re contributing by cheque, you will need to allow enough time for your chosen postage method to reach us. Once it has arrived, it can take up to five working days to process.

We can also process contributions by EFT, however, this may take up to three business days.

Best Doctors can help you if you are dealing with an illness, or a chronic or serious condition.

Through your insurance, you and your family get access to Best Doctors which connects you with a network of 50,000 leading medical specialists from around the world. It offers a second opinion when you need it most, to make sure you received the right diagnosis and are on the best treatment plan. You can use Best Doctors at anytime, anywhere, as often as you need for no extra cost, and it’s completely confidential.

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