What happens to you super when you die?

Your super does not automatically form part of your estate and is not included in your Will. This is because your super is held in a trust by your super fund. But you do get to choose who your super goes to when you die.

The person you nominate to receive your superannuation death benefit is defined as your ‘beneficiary’.

When you die, the beneficiaries you nominate in a valid binding death benefit nomination can claim your death benefit, which includes any account balance and any death cover (life insurance) you may have had through your account. 

So, it’s important to know how to nominate a beneficiary.

If you choose to make a beneficiary nomination, there are two main options:

1. Binding death benefit nomination

If you’re an Accumulation account holder, you can make a binding death benefit nomination as to who will receive your super (and any insurance benefit you may have) when you die. You can nominate one or more of your dependants, or you may nominate your legal personal representative.

Different arrangements may apply for Defined Benefit members as set out in their plan rules, though a binding nomination may apply to part of their entitlement on death.

2. Reversionary beneficiary

Income account holders can either make a binding death benefit nomination or choose to nominate someone to continue receiving your Income account payments, or withdraw your money as a lump sum, if you pass away. This person is called a ‘reversionary beneficiary’.

Your reversionary beneficiary nomination will be considered over any binding death benefit nomination you had in place.

If you are making a binding death benefit or reversionary beneficiary nomination, you can make, update, or renew your choice any time by logging into Member Online, then select downloading the and completing the Binding death benefit nomination form available at ‘Your Account’ > ‘Beneficiaries’.

1. Ensure you have all the details

A binding nomination is valid for 3 years and you can only nominate certain people, such as your spouse, your children, a financial dependant or a legal personal representative.

2. Complete the form

You’ll need two witnesses to sign and date the form on the same day you do.

3. Return the form

Completed and signed forms can be returned to us via the Email Us page. Please note that if emailing your form, we are unable to accept photographs, screen shots or images captured via scanning applications.

OR by post to:

Australian Retirement Trust

Reply Paid 2924

Brisbane QLD 4001

Making a binding death benefit nomination can be a good way to ensure your loved ones are protected when you die.

For more information on nominating beneficiaries speak to your financial adviser, visit our website or give us a call on 13 11 84.