Your beneficiary options
There are a few options when deciding what happens to your money in the event of your death.
Binding nominationYou 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.
You can set up or change your binding nomination by completing a valid Binding death benefit nomination form.
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 completing the Change my details form available at australiansuper.com/factsheets, through your online account at any time, or by calling us on 1300 300 273 8am to 8pm AEST/AEDT weekdays.
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)
- other financial dependants* (such as someone who relies on you financially)
- your estate or legal personal representative (not available for reversionary nominations).
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
Children under 18 may be paid into a trust account and a trustee will have responsibility for the money until they turn 18.
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.
- 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.