Your super savings may last 20 years or more when you retire - some of the savings may even outlive you, so it’s important to let us know where you want your money to go.
Your beneficiary options
There are a few options when deciding what happens to your money in the event of your death.
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Binding nomination
A binding nomination instructs AustralianSuper how to pay your death benefit if you die. A binding nomination comes into effect from the date we accept it.
You have 2 options for binding nominations- Lapsing binding nomination – This nomination will expire three years from the date you sign the form. The expiry date will be shown on your annual statement and in your online account. You'll be sent a reminder prior to the expiry date.
- Non-lapsing binding nomination – This nomination does not have an expiration date and will only be changed or cancelled if you make changes to the nomination. Any changes will require you to complete a new nomination form.
You can set up or change your binding nomination by completing a valid: -
Non-binding nomination
You nominate who you’d prefer your account to be paid. However, your nomination is not legally binding and although we’ll consider who you choose, ultimately we are legally responsible and will need to consider relevant laws when making a decision.
You can make a non-binding nomination, by:- logging into your account on our website – go to Account and select Who gets my super;
- logging into your account via the mobile app – select Beneficiaries on the home screen to view or update non-binding beneficiaries;
- completing the Change my details form (for super accounts) / Change my details form (for Choice Income or TTR Income accounts); or
- calling us on 1300 300 273 8am to 8pm AEST/AEDT weekdays.
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Reversionary nomination for retirement accounts
If you nominate a reversionary beneficiary, this person will receive regular income payments from your account until the balance reaches $0.
You can nominate any one of the people listed under the Who you can nominate section below, except your legal personal representative. If you nominate a child over 18 years old, they must be:
- permanently disabled, or
- younger than 25 and financially dependent (as defined by Superannuation law) on you immediately before your death
You can set up or change your reversionary nomination by completing a valid Reversionary benefit nomination form
Who you can nominate
Your beneficiaries can be:
- your spouse or partner
- your children (conditions apply for reversionary beneficiary nominations)
- interdependants (someone who lives with you and shares a close personal relationship where one or both of you provide financial and domestic support, and personal care of the other).
See ‘More about interdependants’ below for full definition. - other financial dependants1 (such as someone who relies on you financially).
- your estate or legal personal representative (not available for reversionary nominations).
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Special conditions for children receiving payments
Children aged between 18 and 25 who are financially dependent can choose to receive your account as regular income payments.
- They’ll receive these payments until they’re 25 (or until your account runs out), and when they turn 25, what’s left will be paid to them as a lump sum
- If your child is permanently disabled, they may continue to receive regular payments until the money runs out, regardless of their age
Death benefits payable to a child under 18 cannot be paid to them directly. Instead, the payment will generally be paid to a minor trust, with the person(s) appointed as trustee for that minor trust having responsibility for that money until the child turns 18.
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More about interdependants
An interdependent relationship exists if:
- two people have a close personal relationship which involves a demonstrated and ongoing commitment to a shared life and each other’s emotional support and wellbeing; and
- they live together, or are temporarily living apart; and
- one or each of them provides the other with financial support; and
- one or each of them provides the other with domestic support and personal care of a level normally provided in a close personal relationship, rather than by a mere friend or flatmate.
OR
- if they don’t live together or provide each other with financial support, domestic support and personal care, it’s because one or both of them suffer from a disability.
Two people don’t have an interdependent relationship if one of them provides domestic support and personal care to the other and is paid for this or works on behalf of another person organisation such as a government agency, a body corporate or a benevolent or charitable organisation.
Whether your nominated beneficiaries qualify as your interdependants will be assessed when a claim is made.
