Let's start with the basics
What's a super beneficiary?
A super beneficiary is the eligible person/s you nominate to get the money from your super accounts and insurance payout (death benefit) when you die.
Why do I need to name a super beneficiary?
Your super doesn't automatically form part of your estate and/or your Will.
So, the only way to make sure your money goes where you want it to is to tell us.
What happens if I don't have a beneficiary?
We're bound to make the decision on who gets your death benefit money based on relevant laws. Therefore, it might not be who you want.
It may also mean delays in payouts, adding extra stress to your loved ones.
Got it, what else should I know?
Types of beneficiariesWho you can nominateHow to name a beneficiaryWhat if I’m a beneficiary?Different types of beneficiaries
We offer 3 options for nominating beneficiaries for superannuation.
Binding beneficiary nomination
This makes sure your super and insurance benefits go to the person, or people, you've chosen. It's legally binding.
But you must renew a binding nomination every 3 years to keep it active.
Preferred (non-binding) beneficiary nomination
We'll use this as a guide for who to pay your super and insurance benefits to when you die.
It's not legally binding. But it will be an important factor in our decision.
Reversionary beneficiary nomination (for Income accounts)
This option lets you redirect your Income account payments to your spouse or de facto partner after you die.
A reversionary nomination takes priority over any binding nominations.
How do they compare?
| Binding beneficiary nomination | Preferred (non-binding) beneficiary nomination | Reversionary beneficiary nomination | |
|---|---|---|---|
| Is the nomination legally binding? | Yes | No. But we'll use it as an important guide in our decision. | Yes |
| Who can be named a beneficiary? | Your dependants or your legal personal representative | Anyone | Your spouse or de facto partner when you die |
| When can I make a nomination? | Any time | Any time | Any time |
| Can I change or update it? | Yes | Yes | Yes |
| Will my nomination expire? | Yes, every 3 years | No | No |
Are your loved ones covered?
Insurance in super can help give financial security to your family. Check your options with us today.
Who can be a beneficiary?
For binding nominations, you can name:
Your spouse
The person you're married to or your de facto partner (includes same-sex partners).
Your children
Includes natural, adopted and stepchildren of any age.
Your financial dependant
This means anyone who gets regular financial help from you for things like money, clothes, or food.
Someone in an interdependent relationship with you
- You have a close personal relationship
- You live together
- One or each of you gives the other financial support, domestic support, and personal care.
Keep in mind, the relationship between a parent and child is different to an interdependent relationship (except in special circumstances).
Your legal personal representative
You can name the executor of your Will or administrator of your estate to deal with your death benefit.
There are ways you can leave your super to someone who's not a dependant, but it's worth getting legal and financial advice before making any decisions.
Who can be a reversionary beneficiary?
If you have a Super Savings account, you can only choose your spouse or de facto as your reversionary beneficiary.
Have you checked your nomination recently?
If your spouse/de facto partner dies or your relationship with them ends, they can't be your reversionary beneficiary. Consider checking your nomination is still valid if your situation changes.
How to make someone a beneficiary
The easiest way to tell us who you want your super to go to if you die is through Member Online.
You can also download a form. If you're making a preferred nomination, you can use our app, too.
Prefer to download a form?
Make a binding nomination
You can also change or cancel a binding death benefit nomination online.
Make a preferred (non-binding) nomination
Fill out the Change of Details form.
Make a reversionary nomination
Only use this if you have an Income account.
Your choices may impact tax and things like Centrelink entitlements for your beneficiaries. It's a good idea to speak to a financial adviser before making a decision.
What if I’m a beneficiary?
If you're named as a binding or preferred beneficiary on an Accumulation or Income account, you may get their account balance all at once (lump sum) or as a pension, including any insurance payout.
I’m a reversionary beneficiary
If you're a reversionary beneficiary, you can either choose to get income payments from their account as long as the balance lasts or take out money all at once.
What about tax if I'm a beneficiary?
The tax on super death benefits depends on your relationship to the person who died. It's worth getting financial advice about your inheritance.
How to claim a death benefit
A death benefit is when you get someone's super and any insurance they had on their super account when they die.
Use our 3 steps to making a claim for super and insurance death benefits.
Learn more about who gets your super
For your super account
Download our Super Savings Accumulation Guide for all the details about beneficiaries.
For Income accounts and Lifetime Pensions
Download our Product Disclosure Statement.
Frequently asked questions about beneficiaries
Can't find the answer you're looking for? Give us a call.
