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.
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.
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.
What happens to super when you die
We offer 3 options for nominating beneficiaries for superannuation.
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.
Name or update beneficiaries
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.
Choose your beneficiaries
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.
Name your spouse or de facto| 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 |
Insurance in super can help give financial security to your family. Check your options with us today.
For binding nominations, you can name:
The person you're married to or your de facto partner (includes same-sex partners).
Includes natural, adopted and stepchildren of any age.
This means anyone who gets regular financial help from you for things like money, clothes, or food.
Keep in mind, the relationship between a parent and child is different to an interdependent relationship (except in special circumstances).
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.
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.
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.
Get started in Member Online
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.
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.
Keep in mind this could impact any tax or Centrelink entitlements you have. Learn more about how getting a benefit might impact you.
The tax on super death benefits depends on your relationship to the person who died. It's worth getting financial advice about your inheritance.
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.
Download our Super Savings Accumulation Guide for all the details about beneficiaries.
Download our Product Disclosure Statement.
Can't find the answer you're looking for? Give us a call.
Contact usIf you pass away before getting payments equal to your Lifetime Pension purchase price, what happens depends on which option you’ve picked.
Single option
If you have the single option, we pay the difference to your beneficiaries (if they're eligible).
Sometimes limits apply under super law known as the capital access schedule (CAS).
Spouse protection
It’s different if you have a spouse protection option. With this option, your spouse is your reversionary beneficiary. That means they’ll get your payments after you die.
Learn more about Lifetime Pension beneficiaries.
You can add a beneficiary through Member Online anytime - just choose the type of beneficiary and the account it's for, and follow the prompts.
You can also use our app if you want to add a preferred beneficiary.
You can replace, renew, or cancel your existing nomination, at any time. It's easy to do this through Member Online or by using one of the forms on this page.
The benefit we pay depends on your account type:
There are a couple of things to consider if you're a reversionary beneficiary getting a death benefit from a loved one.
Tax
How much tax you pay (if any) will depend on:
Transfer balance cap
There's a limit on the total amount of super you can transfer into tax-free retirement accounts, including our Retirement Income account, Lifetime Pension, Defined Benefit pensions and any income stream you receive as an eligible death benefit beneficiary. If you go over the cap, you'll be required to remove the excess and extra tax will apply.
This limit is known as the transfer balance cap and is managed by the ATO. It includes all your tax-free income streams across all your super funds. It's currently set at $1.9 million, but if you already have tax-free income streams, your personal limit could be between $1.6 million and $1.9 million. You can check your personal transfer cap on your ATO online account using myGov.
If someone nominates you as their reversionary beneficiary and you get a death benefit income stream, we'll report this to the ATO. To give you time you organise your accounts, it will count toward your transfer balance cap 12 months after the date the income stream transferred to you.
Centrelink
In addition, if you're currently getting Age Pension payments or Centrelink entitlements, taking over your spouse's super as an income stream or lump sum could decrease how much you can get.
Death benefits can be complicated so it could be worth getting some financial advice about how to manage your inheritance.
Making a Will (estate) is one of the best things you can do for those you leave behind. It outlines how you want your estate (also known as your assets or net worth) to be shared.
There are ways you can leave your super to someone who's not a dependant (for example, your parents, siblings, or a charity), but it's worth getting legal and financial advice before making any decisions.
Remember, you'll likely need to update your Will throughout your life as your situation changes.
Add or update your beneficiaries so your money's left in the right hands.
