Important information

Nominating a Non-binding (Preferred) beneficiary

You can nominate a non binding (preferred) beneficiary to receive your superannuation benefit ('Your Super'). It is important that the Trustee knows who you would prefer Your Super to go to. Please check your current nominations to make sure they reflect your wishes. You can find out more by reading the How Super Works document.

Non Binding beneficiaries must be dependants or your legal personal representative (for example, the executor of your will).

A dependant is defined as:

  1. a. your husband or wife;
    b. another person (whether of the same sex or not) with whom you are in a registered relationship;
    c. another person who, although not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple

  2. Your child is defined by Superannuation Law and generally includes:
    a. your adopted child, step-child or ex-nuptial child;
    b. your spouse's child;
    c. someone who is a child of you within the meaning of the Family Law Act 1975

  3. Any person with whom you have an interdependency relationship. This will occur where you have a close personal relationship with another person (whether or not related by family) and:
    a. you and that person live together;
    b. you, the other person, or both of you provide the other with financial support, and
    c. you, the other person, or both of you provide the other with domestic support and personal care.

It will also occur where you have a close personal relationship with another person but due to a disability the other criteria of interdependency cannot be met.

The law does not require the Trustee to pay your super as you have set it out in your nominations, but will of course consider your wishes.

If you would like the Trustee to be bound by your nomination, please print and complete a binding nomination form Superannuation Law currently does not allow binding nomination forms to be completed online.

Your nomination will only apply to the account you are currently viewing. If you have multiple accounts with us, you will need to give us a separate nomination for each account.

NOMINATING A BINDING BENEFICIARY

With a binding nomination, so long as you validly nominate eligible dependants (see above for definition) and/or your legal personal representative in accordance with legislative requirements and the nomination is still valid and effective at the time of your death, the Trustee must pay your death benefit according to your instructions.

You can only set up, renew, change or cancel a binding nomination by completing a Binding death benefit nomination form. You must complete the form properly and lodge it with the Trustee.

A binding nomination is valid for three years, unless it is renewed, changed or cancelled earlier – if you do not renew it before the end of the three-year period from last signing, it becomes a non-binding nomination. The Trustee will endeavour to notify you when the binding nomination is due for renewal, however it is your responsibility to ensure your nomination is kept up to date. There are other circumstances in which a binding nomination may become invalid.

NOMINATING A REVERSIONARY BENEFICIARY

Reversionary beneficiary nominations

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 a dependant as your reversionary beneficiary. This provides both you and your nominated reversionary beneficiary with the certainty of receiving an ongoing income stream.

If your reversionary beneficiary is not an eligible dependant at the time of your death then the Trustee will use its discretion as to whom the death benefit will be paid. If you choose the reversionary option, your entire death benefit will be paid as a pension to your nominated reversionary beneficiary.

You cannot apportion your death benefit between your nominated reversionary beneficiary and other dependants. A reversionary nomination can be made at the time of applying for a pension or by completing the Change of Details form.

Who can I nominate as a reversionary beneficiary?

Eligible dependants to receive a reversionary pension include the following (taking into account the more detailed definition of dependants shown below):

  • your spouse,
  • your child under 18,
  • a financial dependant (at the time of your death) or
  • a person who is in an interdependency relationship with you (both at the time of nomination and at the time of your death).

You can’t nominate a child age 18 or over unless:

  • they’re between age 18 and 25 and financially dependent upon you immediately before your death, or
  • they are disabled within the meaning of the Disability Services Act 1986 (Cth).

Where a pension is payable to a child between 18 and 25, the child will receive the pension until they reach 25 unless the account balance is reduced to zero earlier. Once the child turns 25, a lump sum will be paid to them unless the child is disabled (as described above), in which case the pension can continue to be paid to the disabled child until the account balance expires. Your nominated reversionary beneficiary must be an eligible dependant at the date of your death. If this is not the case then the Trustee will use its discretion as to who will receive your death benefit and the form of the benefit (lump sum or pension).