At the time of your death, we will contact the people you have nominated in your non-lapsing death benefit nomination to ensure that they are still a dependant or legal personal representative. We are also generally required to establish the identity of this person before paying out your death benefit.
If you have nominated one or more of your dependants, they will be provided the choice of taking their proportion of the death benefit as a lump sum cash payment or, if available, a pension from FirstChoice Pension or FirstChoice Wholesale Pension. A PDS describing the features of a pension from FirstChoice Pension or FirstChoice Wholesale Pension is available on our website or by calling us.
Please note, any death benefit paid to your legal personal representative must be paid as a lump sum. Also, from 1 July 2007 if you have nominated a child, the death benefit must be paid to them as a lump sum cash payment unless the child:
• is under age 18
• is under age 25 and is financially dependent on you, or
• has a certain type of disability.
If your child’s personal circumstances change so that they no longer meet one of these exceptions, we will pay the remaining account balance to them as a lump sum cash payment.
Where your child is eligible to receive a death benefit pension, they must generally cash any remaining balance out as a lump sum by age 25, unless they remain disabled.