If you die while a member of a super fund, the value of your accumulated benefit will usually be paid to the person you choose as your beneficiary – your spouse or child, for example.
There are usually three ways to nominate a beneficiary:
1. a binding beneficiary (if you die, your money must be given to the person you choose (if valid), but you must have re-nominated your beneficiary every three years)
2. a non-lapsing beneficiary (the same as a binding nomination except you don’t need to re-nominate someone every three years)
3. a non-binding beneficiary (the super fund’s trustee will decide to whom your benefit should be paid. They must take your choice into account, but don’t have to pay it to the person you nominated).
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