Nominating beneficiaries

Nominating a beneficiary lets us know who you want to receive the death benefit in your super or pension account when you die. For more information about beneficiaries see our factsheet, or for full details see your Product Disclosure Statement and Member Guide.

Reviewing your beneficiaries is something you can do at any time. Significant life events like marriage, divorce, separation, having children, or the loss of a loved one are ideal moments to reassess and update your beneficiaries if needed.

Nominating a beneficiary is important, but it’s also easy.

• Preferred beneficiaries

  These are people whom you would prefer to receive your death benefit should you die. The Trustee will take your preference into account when making a payment but will ultimately decide who should receive your death benefit according to superannuation law. You can easily nominate preferred beneficiary/ies via MemberOnline or by completing the Beneficiary nomination form.

• Binding beneficiary

  A valid binding beneficiary nomination gives you more certainty over who receives your death benefit as it is legally binding. A binding nomination overrides any preferred nomination you have made. There are two types of binding beneficiary nominations. A general binding beneficiary nomination, and a non-lapsing binding beneficiary nomination. A general binding beneficiary nomination expires after three years when we write to you for an updated nomination. A non-lapsing binding beneficiary does not expire. Nominate your binding beneficiary today by completing the Beneficiary nomination form.

• Reversionary beneficiary*

  If you have an income stream account and you nominate a reversionary beneficiary, your usual payments will revert to the nominated person when you die. A reversionary beneficiary has much the same rights as the member. Among other things they can:

  • Close the income stream and be paid as a lump sum
  • Set their own level of payment within the limits imposed by law, and
  • Set their own investment strategy

  Nominate your reversionary beneficiary today by completing the Beneficiary nomination form.

  *Please note that there may be tax and/or Centrelink implications for a reversionary beneficiary. Please seek financial advice to see how this might impact you.

Who can I nominate as a beneficiary?

Under super law, you can nominate your spouse, child, a person who is financially dependent on you or meets the definition of interdependency (you will need to identify the nature of the relationship and nature of interdependency or financial dependency) or your legal representative (e.g. executor of your will or administrator of your estate). For full details of who qualifies as a beneficiary please read your Product Disclosure Statement and Member Guide.

If you’re not sure who to nominate as your beneficiary

If you're not sure who to nominate as your beneficiary, you might consider nominating your legal personal representative. This allows you to specify in your will how you would like the proceeds of your super to be distributed.

For example, if you want to leave your super for a parent or financially-independent sibling, you can make a binding nomination to your legal personal representative and then outline in your will how your super should be distributed.

Keep in mind that, for tax purposes, a legal personal representative is not regarded as a financial dependent. This means your super balance may be subject to tax in this scenario.

If you don't nominate a beneficiary

If there is no beneficiary nomination on your account or if the person you nominate as your beneficiary does not qualify to receive payments under the law, the Trustee will pay the balance of your account to your estate or dependants or a combination as determined by the Trustee according to superannuation law. For more information about beneficiaries see our factsheet, or for full details see your Product Disclosure Statement or Member Guide.

Everyone’s journey to retirement is different

Everyone’s journey to retirement is different, and things happen along the way. If you’ve finished or commenced a relationship, had children, or begun caring for a loved one, it’s important to consider how you’d like your super to be distributed after you die.

More information

We have member consultants who can help with all aspects of your super. You can call us or book an appointment today, or visit our retirement hub for more information on planning retirement.

Book a meeting   The retirement hub