What is a beneficiary? Who will get your super
Updated on 1 July 2025 | 5 min read
When we talk about beneficiaries, we mean who gets your super when you die. Super's generally not included in your Will or estate. So we'll take a look at the different types of beneficiaries, why it's so important, and what you need to do.
What are beneficiaries?
Let's start with what does beneficiary mean. A beneficiary is the person or people you choose to inherit your super.
When you die, your super fund pays your super beneficiary what's left in your balance and any insurance benefits.
That's if you've nominated them.
If you don't let your fund know who you want as your beneficiaries, your money might not go where you want it to. Check your beneficiaries.
Who can you nominate as a superannuation beneficiary?
Letting your super fund know who you want to get your super could make a difficult time a whole lot easier for your loved ones.
Your beneficiary can include:
- A dependant (see below)
- Your legal personal representative (the executor of your Will or administrator of your deceased estate).
Your dependant includes:
- Your spouse (the person you're married to) or de facto partner
- Your children, including adopted kids, stepchildren, and your spouse's children, under the Family Law Act 1975
- Someone who's financially dependent on you, meaning anyone who relies on you for things like money, clothes, or food
- Someone in an interdependent relationship with you, meaning:
- You have a close personal relationship
- You live together
- One or each of you gives the other financial support, domestic support, and personal care.
Superannuation beneficiary rules for naming who gets your super can vary depending on the type of beneficiary and your super fund.
Types of beneficiaries
You usually have a few options when it comes to nominating a super beneficiary.
Let's take a look at the difference between some of the more common types: binding beneficiary nomination; and reversionary beneficiary nomination for income accounts.
Binding beneficiary
Binding beneficiary:
This makes sure your super goes where you want it to when you die, as long as it's valid. It's legally binding. But you generally need to renew your choice every 3 years.
What is a reversionary beneficiary?
If you have an income account, you can name someone to be your reversionary beneficiary.
This means they can get your income account payments after you die, for as long as there's money in your account.
Your reversionary beneficiary can also withdraw your account balance all at once.
Who you can nominate as a reversionary beneficiary
It depends on your super fund. Usually you can name someone who's dependent on you (see our list above), but you can't name your legal personal representative.
Some funds allow you to nominate your child, but they must be either:
- Less than 18 years old
- Between age 18-25 and financially dependent, or
- Have a permanent (or likely to be permanent) physical, intellectual, or psychiatric disability.
If you're a member with us and have a Super Savings account, you can only name your spouse or de facto as a reversionary beneficiary. Learn how to make a nomination with us.
Talk to your super fund about their rules before you decide.
In some cases, nominating a reversionary beneficiary may affect what you get from Centrelink. It's a good idea to first speak with a financial adviser.
Why nominating beneficiaries is important
Your super can be one of your biggest assets, like your house or your car. But it's not automatically part of your estate or Will.
So it's worth taking the time to make sure your money goes where you want it to.
You get a say
Choosing your beneficiaries is the best way to let your super fund know where you want your money to go when you die. It also gives a sense of security to those who depend on you.
Easier for loved ones
When you decide who gets your super, it helps to simplify the payout process. If you don't, this could drag it out and cause stress for any loved ones who need your money.
Less risk of disputes
If you don't name a beneficiary, your fund may make their own decision on who gets your money, according to the fund's Trust Deed and relevant superannuation laws. This could be your dependants or the executor of your estate. Or someone else with a fair claim.
It may save money
Your money's taxed differently depending on who gets it and how (e.g. all at once or using an income account). Getting it right could mean more money for them.
It's a good idea to get legal advice when naming your beneficiaries to make sure those you name get the most they can.
How to choose a beneficiary
It's not always easy to decide who should get your super when you die.
To start you on your way, here are some things to think about before you make a decision. And remember to check with your super fund for their nomination of beneficiary rules.
List your dependants
Think about who needs your financial help. This could include anyone you care for and support.
Check the tax impacts
Do beneficiaries pay tax on super? It depends on their relationship with you and how they get the payout. Learn what tax applies on the ATO website.
Review regularly
Relationships can change. And so can your situation. Add a reminder to your calendar to review your nominations regularly.
Get advice
Before making a decision, it's a good idea to get advice from a financial adviser and/or legal expert. They can help you with your specific needs.
How often do you have to update your nomination?
You need to check and update a binding death nomination with your super fund every 3 years.
It's a good idea to check your beneficiaries often, particularly as your situation and relationship to your beneficiaries changes.
If you're a member with us
Once you name your binding beneficiaries, you'll get a reminder before your nomination runs out.
And you can change your beneficiaries any time – you don't have to wait until we remind you to update it.
Learn more about how to nominate a beneficiary.
Let's recap how beneficiaries work
- If you die, your super fund must pay your super balance and any insurance benefits to your beneficiaries (such as your spouse, children, or estate).
- Letting your super fund know who you want as beneficiaries is the best way to make sure your money goes where you want it to.
- If you don’t nominate a beneficiary, your super fund will try to find eligible beneficiaries to pay your money to.
- If they can't find any eligible beneficiaries, they may pay your money to anyone with a fair claim.
Name your beneficiaries today
Ready to make a nomination? If you're a member with us, it's simple.
Binding death benefit nomination:
Fill out the Binding death benefit nomination form or complete in Member Online.
Reversionary beneficiary nomination:
Make your choice in Member Online.
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