Who gets your super when you pass away?

To look after the financial well-being of your dependants, you can submit a ‘binding death nomination’.

Retirement Income Pension account holders also have the option to set up a ‘reversionary beneficiary’ instead of a binding death nomination.

Binding death nominations

A binding death nomination is a written direction from a member to their super fund directing the fund how the member wants some, or all, of their superannuation death benefits to be distributed in the event of their death.

You can nominate multiple beneficiaries, as long as they meet the specified criteria. You can replace or cancel your existing nomination at any time, which gives you more flexibility than nominating a reversionary beneficiary.

See our Binding death nomination help guide for more information.

Nominating a reversionary beneficiary for Retirement Income Pension members

Members opening a Retirement Income Pension account have the option to set up a 'reversionary beneficiary' for this account.

This is someone who will continue to receive your pension in the event of your death. This person would need to meet the eligibility criteria when you pass away. This person cannot be changed or replaced.

You’re unable to have both a reversionary beneficiary and a binding death nomination for the same retirement income account.

If you don’t nominate a beneficiary

If you pass away without a valid binding death nomination or reversionary beneficiary, or if the person(s) you nominate don’t meet the criteria at the time of your death, the balance of your account will be paid as a lump sum to your estate. It’s always a good idea to have a current will specifying how your estate should be distributed.

Please read the Retirement Income Pension Product Information Booklet for more information.