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.

You should review your beneficiaries regularly. The end of the financial year is a good time to review your beneficiaries and make a nomination if you haven’t got one.

What are my options?

There are different kinds of beneficiaries for you to choose from. You can nominate a preferred beneficiary, which gives us an indication of who you want to receive your benefit, however the Trustee of the Fund has the final decision.

You have more certainty if you nominate a binding beneficiary because, providing your binding nomination is valid and effective*, the Trustee must distribute your account balance to your nominated beneficiary.

Generally, binding beneficiary nominations expire after three years, but you can also nominate a non-lapsing binding beneficiary, which does not expire.

If you have a pension, you can nominate a reversionary beneficiary which instructs the Trustee to pay your account balance to your nominated beneficiary as regular income and/or as a lump sum. A reversionary beneficiary nomination may affect your Centrelink benefits. Contact the Department of Social Services at dss.gov.au about your Centrelink entitlements.

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

You can log in to your account using MemberOnline to nominate or update a preferred beneficiary.

To nominate a binding beneficiary, a non-lapsing binding beneficiary or a reversionary beneficiary, you will need to complete this form, and return it to us.

Nominating a beneficiary can give you control over who receives your account balance when you die however the Trustee must distribute your benefit according to superannuation law.

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.

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.

Want to know more?

We're here to help. If you have questions about beneficiaries or your account, you can read more here, call us on 1800 675 839, or have a chat with one of our super experts.

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*Refer to Nominating beneficiaries factsheet