Leave your pension to a loved one

Choosing who will receive your pension is an important step toward helping your loved ones to continue life without you.

Most of our pensions let you choose your beneficiaries, but some rules apply.

There may also be tax and Centrelink implications from nominating beneficiaries, so we recommend seeking financial advice before nominating.

Flexi Pensions

You can choose who to leave your pension to. There are 3 types of beneficiaries, each with different rules and eligibility requirements. You can change your nomination at any time.

Reversionary beneficiary nomination

Your beneficiary will generally receive your pension as regular payments. Once the balance is under $10,000, we'll pay out the remaining balance as a lump sum.

If you have a Beneficiary Income Stream Flexi Pension, you can't choose a reversionary beneficiary.

Binding beneficiary nomination

Your beneficiaries will get the balance of your pension as a lump sum and any death benefits in the proportions you choose.

This nomination is legally binding, so we’ll pay your pension according to your wishes, provided that the beneficiaries are still eligible when you die.

  • More about Flexi Pension binding beneficiary nominations

    Who you can nominate

    You can nominate one or multiple eligible people, including:

    • your partner
    • your children (including your partner's children)
    • anyone who is financially dependent on you or interdependent with you
    • your legal personal representative.

    Your nomination can be lapsing, which means you have to update it every 3 years, or non-lapsing, which means it will stay valid until you change or revoke it, or it becomes invalid for another reason.

    Complete the binding beneficiary nomination form (PDF, 481 KB) to nominate a binding beneficiary. You'll need 2 witnesses to sign the form on the same date.

Non-binding beneficiary nomination

Your beneficiaries will get the balance of your pension and any death benefits as a lump sum in the amounts you choose.

This nomination is not binding, so your super and any insurance benefit won't necessarily go to who you've chosen. We'll take into consideration your nomination, circumstances (for example, if you have any dependants) and the relevant laws at the time of your death.

  • More about Flexi Pension non-binding nominations

    Who you can nominate

    You can nominate one or multiple eligible people, including:

    • your partner
    • your children (including your partner's children)
    • anyone who is financially dependent on you or interdependent with you
    • your legal personal representative.

    Your non-binding nomination won’t expire unless you change or revoke it.

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    Log in to your account to choose or change your non-binding beneficiaries.

Defined Benefit Indexed Pensions

If you have a partner, they will automatically receive 62.5% of your pension as a regular payment for life.

If you have dependent children or children with a disability according to the Disability Services Act 1986 (Cwlth), they will also generally receive a portion of your pension.

Commercial Rate Indexed Pensions

Your pension can go to either your partner or legal representative, depending on which beneficiary type you choose.

  • More about Commercial Rate Indexed pension beneficiaries

    Joint Life Commercial Rate Indexed Pension

    Your partner can receive your pension as a regular payment for life.

    • You can only nominate your partner when you open your pension.
    • Your nomination is binding and you can’t change it.
    • If you’re not in a relationship with your nominated partner when you pass away, we won't ake any pension payments to them.
    • If you and your partner pass away before we've paid your guaranteed minimum amount, we’ll pay the residual amount of your pension to your legal personal representative as a lump sum. 

    Single Life Commercial Rate Indexed Pension

    If you pass away before we've paid your guaranteed minimum amount, we’ll pay the residual amount of your pension to your legal personal representative as a lump sum.

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If you have any questions about beneficiaries, please call us on 1800 331 685 or contact us.
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