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Nominating beneficiaries

Who receives your death benefit when you die depends on the super law and your instructions to us. Nominating a beneficiary lets us know who you want to receive your benefit. If you have a super account, you can nominate 'preferred' or 'binding' beneficiaries. If you have a pension, you can also nominate a reversionary beneficiary.

  • 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.

  • 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

    *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 or someone who is financially dependent on you as your beneficiary. For full details of who qualifies as a beneficiary please read your Product Disclosure Statement and Member Guide.

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.

More information

We have member consultants who can help with all aspects of your super. You can call us or book an appointment today.

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