A lot of people automatically assume their house is their biggest asset. But by the time you retire, your super could be almost as valuable – or even more so. So just as you’d nominate a beneficiary for your home and other assets, it’s also important to decide who will receive your super.

The thing is, your super doesn’t automatically form part of your estate, and it can’t be included in your Will. So you’ll have to deal with it slightly differently. You have a few different options:

  • a binding death benefit nomination
  • a reversionary beneficiary nomination (this only applies to your Income account or Transition to Retirement Income account)
  • neither nominate a reversionary beneficiary nor make a binding death nomination.

The rules about each of these options are explained further in the Income Account Guide.

Binding death benefit nomination

A binding death benefit nomination applies to all the money you hold in super, whether in an Income or Accumulation account. It lets you nominate one or more of your dependants, or your legal personal representative, to receive your super. Binding death benefit nominations are valid for three years, after which you’ll need to renew your nomination. Your annual benefit statement will also show whether you currently have a valid nomination in place.

At QSuper, a reversionary beneficiary always takes precedence over a binding death benefit nomination in relation to your Income account.

You can find out more about binding death benefit nominations and make or update a nomination in Member Online. To cancel a nomination, download a Binding Death Benefit Nomination form.

Reversionary beneficiaries

A reversionary beneficiary is a person to whom your Income account reverts in the event of your death. To be valid, the reversionary beneficiary you nominate needs to be a dependant at the time of your death. This person can be:

  • your spouse1 including de facto spouse
  • your child2
  • someone with whom you're in an interdependent relationship
  • someone who depends on you financially.

You can change or nominate a reversionary beneficiary by filling out and returning an Update an Income Account form or by logging into Member Online.

What if I don't make a nomination?

In this case, your death benefit will be paid to your dependant/s, your legal personal representative (the executor or administrator of your estate), or another person the QSuper Board deems appropriate.

Advice is important

Nominating a beneficiary may affect your Centrelink entitlements and those of your beneficiary. A financial adviser can help you make sure there are no unintended consequences for you or those you leave behind.

1. A spouse, as defined by Australian legislation, includes another person (whether of the same sex or a different sex) with whom you are in a relationship that's registered under a law of a state or territory, or another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.
2. A child (defined as an adopted child, a stepchild or an ex-nuptial child of the member, a child of the member's spouse or someone who is a child of the person within the meaning of the Family Law Act 1975), is only eligible to be a reversionary beneficiary if they are less than 18 years old, or more than 18 years old and either financially dependent on you and under age 25, or have a physical, intellectual or psychiatric disability, as described by the Disability Services Act 1986.