Binding death benefit nomination and payment of death benefit
219 Binding death benefit nomination and payment of death benefit
If a GESB Super (Retirement Access) Member dies while there is still an amount in the Member’s retirement access account, the Board is to pay a benefit (the Member’s death benefit) of an amount equal to the balance of the account in accordance with this regulation.
A GESB Super (Retirement Access) Member may at any time give the Board a notice (a binding death benefit nomination) that —
directs the Board to pay the whole of any death benefit that may become payable in respect of the Member to —
a permitted nominee of the Member specified in the notice; or
2 or more permitted nominees of the Member specified in the notice, in percentages specified in the notice (the aggregate of which must equal 100%);
and
includes a statement that the nomination is to remain in force —
indefinitely; or
for the period approved by the Board under regulation 246C(2) at the time the nomination is given.
A binding death benefit nomination given by a GESB Super (Retirement Access) Member comes into force when it is received by the Board and remains in force until any of the following occurs —
the Board receives a notice given by the Member revoking the binding death benefit nomination;
the Board receives a subsequent binding death benefit nomination given by the Member;
the Member ceases to be a GESB Super (Retirement Access) Member;
for a nomination that includes a statement referred to in subregulation (1A)(b)(ii) — the period referred to in that subregulation expires.
If a binding death benefit nomination is in force in respect of a GESB Super (Retirement Access) Member when the Member dies, the Board must pay the Member’s death benefit in accordance with the nomination unless any person specified in the nomination as a person to whom all or any percentage of the death benefit is to be paid —
cannot be found after the Board has made reasonable enquiries; or
is not a permitted nominee of the Member at the time of the Member’s death.
If no binding death benefit nomination is in force in respect of a GESB Super (Retirement Access) Member when the Member dies, or subregulation (1C)(a) or (b) applies, then subject to subregulation (3) the Board must pay the Member’s death benefit to the executor of the Member’s will or administrator of the Member’s estate.
An amount paid under subregulation (1C) or (1D) to the executor of a Member’s will or administrator of a Member’s estate —
forms part of the Member’s estate; but
is not an asset in the Member’s estate that is applicable in payment of the Member’s debts and liabilities.
If —
either —
no binding death benefit nomination is in force in respect of a GESB Super (Retirement Access) Member when the Member dies; or
subregulation (1C)(a) or (b) applies;
and
the Board —
has been unable, after making reasonable enquiries, to find an executor of the Member’s will or administrator of the Member’s estate; or
considers it desirable to do so in order to relieve or avoid hardship,
the Board may pay up to $25 000 of the death benefit —
to one or more of the Member’s dependants in proportions determined by the Board; or
if, after making reasonable enquiries, the Board has been unable to find any dependant of the Member, to one or more other individuals in proportions determined by the Board.
[(4) deleted]
[Regulation 219 inserted: Gazette 28 Jun 2002 p. 3020; amended: Gazette 13 Jun 2003 p. 2113; 1 Dec 2004 p. 5706; 11 Apr 2008 p. 1379 and 1380; SL 2021/49 r. 13.]
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