Changing a Beneficiary

To change the beneficiary of your UniSuper superannuation, you'll need to follow specific procedures, which vary depending on the type of nomination you wish to make. Your super doesn't automatically become part of your estate, so making a nomination is crucial to ensure your wishes are followed.

Types of Nominations

There are different types of nominations you can make:

• Non-binding nomination: This nomination lets UniSuper know who you'd prefer to receive your benefits, but it is not legally binding. While the fund will take your wishes into account, it will also consider other factors before making a final decision. You can usually update a non-binding nomination through your online account or by completing a form.

• Binding nomination: This is a legally binding instruction to UniSuper, and as long as the nomination is valid, the fund is required to pay your benefits as you instructed. There are two types of binding nominations:

• Lapsing binding nomination: This type expires after three years. If it's not renewed, it becomes a non-binding nomination. This must be submitted using a paper form.

• Non-lapsing binding nomination: This nomination remains valid until you change or revoke it, or if something invalidates it (e.g., a beneficiary is no longer a valid dependant). You can often make this type of nomination online.

Who Can Be a Beneficiary?

Under superannuation law, your nominated beneficiary must be one or more of the following:

• Your spouse (including de facto and same-sex partners).

• Your children (of any age, including adopted and foster children).

• Someone who is financially dependent on you.

• Someone with whom you have an interdependent relationship.

• Your legal personal representative (the executor of your will, meaning the benefit will be paid into your estate).

Steps to Change a Beneficiary

1. Choose the type of nomination: Decide whether you want to make a non-binding or a binding nomination (lapsing or non-lapsing).

2. Gather required information: You will need the full name and date of birth of the new beneficiary.

3. Complete the process:

• For a non-binding nomination, you can typically log in to your UniSuper online account and update the details there.

• For a binding nomination, you will likely need to complete and submit a specific form, such as the "Binding death benefit nomination form." This form often requires you to sign it in the presence of two witnesses who are over 18 and are not nominated as beneficiaries.

4. Keep your nomination up to date: It's important to regularly review your nominations, especially after significant life events like marriage, divorce, the birth of a child, or the death of a nominated beneficiary. Changes in circumstances can sometimes invalidate a binding nomination.