Notice of changes to Trust Deed
Financial hardship and Under $200 claims
From 1 July 2016, the Trustee of Nationwide Super will cease accepting claims to access super account balances under the following grounds:
- Termination of gainful employment from 1 July 2016 with an employer that made super contributions to Nationwide, where the member’s preserved Nationwide Super benefit at the time of the termination is less than $200.
- Severe financial hardship for members that first suffer financial hardship from 1 July 2016.
Members that have previously lodged a successful claim for severe financial hardship or are claiming for severe financial hardship first suffered prior to 1 July 2016 will continue to be able to submit financial hardship claims after 1 July.
This change reflects our commitment to helping members maximise their benefit at retirement, when super is most needed as a supplement or substitute to the Age Pension.
We encourage any members experiencing financial difficulties to contact a financial counsellor, who can assist with a wide range of financial problems, at no cost. If you are having difficulty paying bills or debts, contact the Financial Counselling Association of Australia on 1800 007 007 to speak to a counsellor or find a counsellor local to you.
New binding beneficiary option
Nationwide Super’s Trust Deed will be amended from 1 July 2016 to enable binding death benefit nominations. This option will provide you with greater estate planning flexibility and peace of mind when nominating loved ones to receive your super benefit upon your death.
Currently, Nationwide Super members are only able to make non-binding death benefit nominations, whilst Pension members are able to make both non-binding and reversionary death benefit nominations. These nomination options will remain in place.
What are the benefits of binding nominations?
- Provides you with certainty when making choices about who gets what in the event of your death, which helps to make your estate planning more precise and effective
- Provides a more effective estate planning option to members seeking to avoid potential legal challenges or minimise estate tax implications
- Simplifies the death benefit claim process for members with a valid binding death benefit nomination in place – reducing the period of time between notification of death and payment of a death benefit
How to make a binding nomination
To make a binding beneficiary nomination, you must complete the Binding Death Benefit Nomination form (download from our website from 1 July) :
- You can nominate your legal personal representative (i.e. Estate) and/or any dependants (i.e. current spouse, children, financial dependant, or interdependent person)
- The form must be signed and dated by you and witnessed by two adults who are not named beneficiaries
- Once we receive your valid Binding Death Benefit Nomination form, we will process your request and send you a confirmation
- You can revoke or amend your binding nomination at any time
Keeping a binding nomination current
Any binding nomination you make will remain in place for a period of three years from the date you made the nomination, and would need to be renewed prior to expiry to remain valid.
It’s important to regularly review a binding death benefit nomination and keep it up to date when your circumstances change, as a valid nomination cannot be overridden by the Trustee.
More information
For more information on your beneficiary options, please refer to the Product Disclosure Statement and Member Guide available at www.nationwidesuper.com.au/forms.
To register your interest to receive a Binding Death Benefit Nomination form, please contact the team on 1800 025 241 or by emailing enquiries@www.nationwidesuper.com.au
Other minor changes
Nationwide Super’s Trust Deed will also be amended from 1 July 2016 in several minor respects that have no effect on members’ entitlements. The Trust Deed is available here.