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Understand your nomination options for who should receive your super if the worst should happen.
Your super doesn't automatically form part of your estate, and can't just be included in your Will.
To ensure your loved ones are protected if you die you may nominate who is your beneficiary.
There are three nomination options:
A binding death benefit nomination lets you decide who will receive your super (and any insurance benefit you may have) in the event of your death.
You can nominate one or more of your dependants, or your legal personal representative. Your nomination is valid for three years from the date you signed, renewed or changed it.
A reversionary beneficiary is someone who will receive the money in your Income account if you pass away. You can nominate one dependent to continue to receive regular income payments from your account or withdraw your money as a lump sum.
Your reversionary beneficiary nomination will be taken into account over any binding death benefit nomination you have in place.
If you have an Accumulation or Income account and have made a binding death benefit nomination, your remaining super balance will be paid out in a lump sum to your beneficiaries, including any death insurance benefit payout.
If you have an Income account and have made a reversionary beneficiary nomination, your dependant can either choose to continue receiving regular income payments from your account or withdraw your money as a lump sum.
There are rules about who you can nominate to receive your super. Generally, a super beneficiary is someone who is dependent on you at the time of your death. However, a legal personal representative, the executor of your will or administrator of your deceased estate, can also receive your super. This provides you the opportunity to give your super to people (if you have a Will) who are not otherwise considered dependents for super purposes, such as your parents or siblings.
A dependant can include:
If you're making a binding death benefit or reversionary beneficiary nomination, you can make, update, or renew your choice any time by logging into Member Online or completing a Binding Death Benefit Nomination Form available through the branch or online.
How to nominate
1. Within the meaning of the Family Law Act 1975. Can include adopted children, stepchildren and the children of your spouse.
Have peace of mind that your family will have a financially secure future by letting us know who you'd like to receive your super when you die.
Here are some tips to make the most of your insurance cover.
Talking to your family about personal insurance
How to protect what’s important and ensure your super goes to loved ones.