A reversionary nomination is an important consideration for members who have a Club Super Income Stream Account. Having a reversionary nomination in place can make it simpler and provide greater flexibility to your receiving beneficiary in the event of your death.
What is a reversionary nomination?
A reversionary nomination allows you to nominate someone to continue to receive your Club Super Income Stream payments and/or take it as a lump sum benefit after your death. Reversionary nominations are only available to Income Stream account holders.
Who can I nominate as my reversionary beneficiary?
Your reversionary nomination must be a financial dependent. Under superannuation law, your financial dependants can be:
- a spouse (including de facto spouse or same sex partner);
- a child of any age who is considered to be financially dependent on you at the time of your death or;
- any person with whom you have an interdependency relationship.
If you choose to nominate your child as your reversionary beneficiary, your Income Stream Account must be paid out as a lump sum once your child reaches 18 years of age or if they are aged between 18 and 24 years (inclusive) and no longer financially dependent on you. If your child is over 25 years of age and has a permanent disability, then they are exempt from this and can continue to receive Income Stream payments. For all information and rules around reversionary nominations, please read the ‘Nominating a beneficiary’ section in the Club Super Income Stream PDS
What happens if I have a non-lapsing, binding or a preferred nomination in place already?
If you have a non-lapsing, binding or a preferred nomination and you do not have a reversionary nomination in place then your beneficiary will only be able to receive your Income Stream Account as a lump sum payment. However, you can change your existing nomination at any time by completing a form as explained below.
How do I make a reversionary nomination?
You can make a reversionary beneficiary nomination by completing a Reversionary Beneficiary Nomination Form.
You can also speak to a Club Super Financial Planning (FP) Financial Planner who are available to assist with explaining your options for beneficiary nominations for your Club Super account.1 Simple advice about beneficiary nominations for your Club Super account is covered by your Club Super membership at no additional cost.
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If you have any questions or would like to speak to a Club Super FP Financial Planner, call us on 1300 369 330 or email us at firstname.lastname@example.org.
1 Club Super Financial Planning advice is provided by My Super Future Pty Ltd (ABN 38 122 977 888) Australian Financial Services Licensee (AFSL no. 411440). My Super Future Pty Ltd is authorised to provide personal financial advice. The Trustee is not responsible for, and does not accept liability for the products or services or actions of My Super Future Pty Ltd. You should use your own judgment before taking up any product or service offered by My Super Future Pty Ltd.