Making a binding nomination generally binds the trustee of your super fund to pay the benefit to the beneficiaries you nominate. For a binding nomination to be valid you are required to have the nomination witnessed, and reconfirm the nomination every three years. Some funds now offer a non-lapsing ‘binding’ nomination, where the three year requirement does not apply. This depends on the rules of the super fund.
The beneficiary will receive all or the nominated portion of the balance in your super fund, including the proceeds of any insurance benefits.
There may be tax payable on a super death benefit, depending on the circumstances of the beneficiary at that time.
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