Your Super Snapshot

Why nominating a beneficiary matters

Your super isn’t automatically considered to be a part of your estate when you pass away. This is because wills typically only cover assets you own personally, such as houses, cars and investments, whereas super is held in a trust for you by the trustee of your super fund.

So it’s important to let your super fund know where you’d like your remaining savings to go. There are a few options when it comes to nominating a beneficiary.

1. Binding nomination

   You provide formal written direction to AustralianSuper to tell us who you want your account balance paid to, so that it’s legally binding. A binding nomination comes into effect from the date we accept it and expires three years from the date you sign the form.

2. 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 will need to consider relevant laws when making a decision.

3. Reversionary nomination for retirement accounts

   You can choose to nominate a reversionary beneficiary if you have an AustralianSuper Choice Income account or a Transition to Retirement account. The person you nominate will receive regular income payments from your account until the balance reaches $0. As your nominated beneficiary receives payments, the remaining balance stays with the super fund to maintain the account benefits.

It’s important to keep your nominations up to date with any changing circumstances in your life. You can check and change your beneficiary at any time however, it’s a good idea to review your nominations after a big life event, such as marriage, separation, or the passing of a loved one.

Nominate where your super will go

Log in to your account

Log in to your account

Start by logging into your account online, click Account from the top menu, and then select ‘Who gets your benefit’.

Nominate who gets your super

Nominate who gets your super

How you make your nomination depends on the type you choose. On the ‘Who gets my benefit’ page, you can make a non-binding nomination or download the Binding Death Nomination form to fill out.