If you have made a Superannuation Binding Death Benefit Nomination (BDBN) it may only last for 3 years.

You can make a non-binding nomination (DBN), which your superannuation trustee is not bound to follow and the decision as to who will ultimately benefit is at the trustee’s ultimate discretion, or you can make a binding nomination (BDBN), which if valid, must be following by your Superannuation Trustee.  However, BDBNs generally only last for 3 years, so it is important to remember that you will need to renew your BDBN every 3 years.

Some funds allow you to make a non-lapsing binding nomination (non-lapsing BDBN), which will not lapse, rather than last only 3 years. 

Whether you have made a DBN or a BDBN or a Non-lapsing BDBN, it is crucial that you regularly check the status of your superannuation death benefit nomination to make sure it is valid and is still appropriate to your personal circumstances and still accurately reflects your wishes.

We often see situations where no beneficiary has been nominated, either because BDBNs have lapsed, the nominated beneficiary has passed away, no nomination was ever made, or where non-lapsing BDBNs or DBNs no longer accord with current circumstances and wishes.

For general information on who you can nominate to benefit from your superannuation, see our article “Superannuation – Binding Nominations”.

Check the status of your superannuation death benefit nomination or for more information please contact our friendly and professional team at Peter Speakman & Co on 9822 8611