Question 2 is coming your way.
Your super savings may last 20 years or more in retirement – and may even outlive you. Have you considered what you’ll do with your super?
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Why nominating a beneficiary matters
Wills don’t typically cover super. So, it’s important to let your fund know where you’d like your savings to go when you pass away. AustralianSuper will follow relevant laws to distribute your balance.
Three types of nominations
There are three types of beneficiary nominations:
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Binding nomination
You provide formal written direction to AustralianSuper with your beneficiaries, so that it’s legally binding.
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Non-binding nomination
You nominate who you’d prefer to receive your savings. However, your nomination is not legally binding. AustralianSuper will consider it, but use relevant laws to decide.
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Reversionary nomination for retirement accounts
If you have an AustralianSuper Choice Income account or a Transition to Retirement account, your beneficiary will receive payments from your account, while the balance stays invested.
When to review
You can check and change your nominations any time, but it’s a good idea to do so after big life events, such as marriage, separation, or the passing of a loved one.
Nominating who receives your super can be a big decision.
Two ways to view or update non-binding beneficiaries
- From the AustralianSuper mobile app, select Beneficiaries on the home screen
- You can also access your account online and check your beneficiaries by selecting ‘Who gets my super’ from the menu
If you prefer, you can also download a form to update any of the three types of beneficiary nomination available.
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Important information to consider
- AustralianSuper Snapshot 2023 results.