Oops, there’s been an unexpected error.
Sorry about that. Please log out, then try logging in again to see if that fixes the error.
If the error persists, please contact contact us.
You are being logged out, please wait...
YOUR BENEFICIARIES
It’s important to keep your beneficiaries up to date
A beneficiary generally is the person you nominate to receive your insurance and superannuation benefits when you die. Keeping your will and beneficiaries up to date helps to ensure that if anything happens to you, the money in your super fund will be paid as you wish, If you don’t, your death benefit might not go to the people you want it to.
There are three beneficiary nomination types available to REI Super members, non-binding, binding or reversionary nomination.
You may wish to seek advice before setting up, managing or cancelling a nomination Please refer to the product disclosure statement (PDS) before managing your beneficiary nominations.
What type of nomination do I have?
- If you see an expiry date below, then you have a binding nomination.
- If you have named beneficiaries but do not have an expiry date, then you have a non-binding nomination.
- If you see the words reversionary annuitant, you have a reversionary nomination. This nomination type is only available to pension members.
What happens if I don’t nominate any beneficiary?
If you cancel your nomination without making another nomination or do not make a nomination, we must pay your death benefit to your Estate. However, if your Estate is insolvent or if a Legal Personal Representative has not been appointed to manage your Estate within a reasonable period of time, then the Trustee will decide: – which of your dependants will receive your death benefit and in what proportions (if you have dependants), or – which other persons will receive your death benefit and in what proportions (if you have no dependants).
Reversionary Nomination
If you would like the balance of your pension to continue to be paid to one of your eligible dependants after your death as a pension rather than a lump sum, you can nominate ONE dependant as your reversionary beneficiary. This provides both you and your nominated reversionary beneficiary with the certainty of receiving an ongoing income stream.
| + Add more | Total Percentage should be 100%. Please enter % (>0 and <=100) Total beneficiary percentage must add up to 100%. If you genuinely want to remove all your beneficiaries, you will need to contact the Helpline. | |
| You can not provide more than 8 preferred beneficiaries. | ||
By clicking submit, I confirm that I have read, understood and agreed to the Important Information and wish to update my non-binding beneficiaries.
I consent to my information being collected, disclosed and used in the manner set out in our Policy.
Confirmation
Your beneficiary changes have been confirmed and your receipt number is below.
| Receipt number: #receipt |
Changes to your beneficiaries will only appear after they have been processed, this can take up to 24 hours.
Submitting...Please wait.
Reversionary Nomination
If you would like the balance of your pension to continue to be paid to one of your eligible dependants after your death as a pension rather than a lump sum, you can nominate ONE dependant as your reversionary beneficiary. This provides both you and your nominated reversionary beneficiary with the certainty of receiving an ongoing income stream.
Non-binding (also known as preferred)
If you make a non-binding death benefit nomination, we will generally pay your nominated beneficiary/ beneficiaries as per your nomination. However, depending on your circumstances at the time of your death, the Trustee may decide to pay your death benefit differently.
Important: the Trustee will not be legally bound by your wishes but will take them into account. A non-binding nomination will continue to apply until you cancel or change your nomination. Therefore, it is important that you keep your non-binding nomination up to date in line with your personal circumstances. You can cancel or change your nomination at any time online or via the change of details form.
Binding Nominations
A binding beneficiary means your benefits will be paid to the beneficiaries you have nominated, provided your nomination is valid. The Trustee is legally bound to pay your super payout according to your nomination. Binding nominations stay in place for three years after the Trustee has received the valid nomination. You can confirm, change or cancel your nomination details at any time by completing the binding beneficiary nomination form. For the trustee to pay your benefit to your beneficiary(ies), your nomination must be valid and your beneficiary must be your legal personal representative, or qualify as a dependant under superannuation law.