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Nominating a beneficiary

When you apply for a Rest product, we’ll ask you to let us know who you’d like to receive your super if you die (your beneficiary). It’s a very important decision, so you may want to get professional advice from a lawyer or licensed financial adviser.

You can review your beneficiaries at any time in MemberAccess.  It’s a good idea to also read the important information regarding beneficiary nominations here.

Who you can nominate

This will depend on the type of beneficiary nomination you have, but generally* your nomination must be either:

  • your dependant/s, for example:  

    • your spouse (including de-facto or same sex spouse)
    • a child (including adopted, step or ex-nuptial child)
    • a person with whom you have an interdependency relationship
    • a person who was financially dependent on you at the time of your passing
  • Or your legal personal representative - someone legally recognised by you to manage your affairs, usually the legal executor or administrator of your estate.

You can’t nominate pets or organisations as beneficiaries.

*For reversionary beneficiary nominations, you cannot nominate your legal personal representative, and special conditions apply to nominating children.

Types of beneficiary nominations

1. Non-lapsing beneficiary nomination

Available to Rest Pensions members only

A non-lapsing beneficiary nomination (previously known as a non-lapsing binding nomination) is a nomination that Rest must follow (subject to Rest accepting the nomination).  This type of nomination does not lapse after any period of time. If you make this type of nomination, it is important to update it if your circumstances change, otherwise your money may not be paid as you would prefer.

Rest will still have discretion over your death payment if your non-lapsing nomination is invalid or if a beneficiary you’ve nominated was not a dependant at the time of your death. 

You can only make, change or remove your non-lapsing beneficiary nomination by completing a nomination form and sending it to us. 

2. Non-binding beneficiary nomination

A non-binding beneficiary nomination (previously known as a non-binding ‘preferred’ nomination) is not binding on Rest, but will act as a guide in determining who will receive your money.

You can make, change or remove your non-binding beneficiary nomination at any time online in MemberAccess or by completing a nomination form and sending it to us.  

If you already have a different kind of nomination in place (for example, a non-lapsing or binding nomination) and would like to change it to a non-binding nomination, you won’t be able to do this in MemberAccess - you’ll need to complete a nomination form and send it to us.

3. Reversionary beneficiary nomination

Available to Rest Pension members only

A reversionary beneficiary can choose to receive ongoing Rest Pension Payments or a lump sum payment. 

A reversionary beneficiary must be an eligible dependant, which is different to the dependants you can nominate on other types of nominations as there are special conditions regarding nominating a child.  You can learn more about these conditions here.

You can select only one reversionary beneficiary, and this can only be made when you are starting your Rest Pension. You will need to cancel your existing pension and commence a new pension if you want to change your reversionary beneficiary. However, depending on when your pension commenced, this may affect how your pension is treated under the deeming rules

4. Binding beneficiary nomination

Not available to Rest Pension members

A binding nomination means you have the final say in who receives your super if a death benefit becomes payable, unless the nomination is invalid when you die.

Binding beneficiary nominations lapse three years after the day you sign it. A valid nomination must be renewed within the three years to remain binding, otherwise it will be treated as a non-binding nomination.

The person/s nominated must be a dependant or your Legal Personal Representative of your estate.

You can only make or change a binding nomination in writing by completing the nomination form and sending it to us.

Compare beneficiary options

  Binding and Non-lapsing beneficiary nomination Non-binding beneficiary nomination Reversionary beneficiary nomination
Is the nomination binding on Rest? Yes No. However, it will act as a guide and is important in helping us determine who should receive your money. Yes
When can a nomination be made? Any time Any time Only at the opening of your REST Pension account.
Can the nomination be changed or updated? Yes Yes No
Will the nomination lapse after any period of time? Binding nomination - 3 years

Non-lapsing nomination - No
No No
Who can be nominated? A dependant or your estate A dependant or your estate A dependant (certain restrictions regarding nominating children apply)

Frequently asked questions

You can access some frequently asked questions we have about nominations here.

To make a nomination

To nominate a beneficiary, complete the relevant form below and return it to Rest at the address on the form.

Nomination of beneficiary form - Rest or Pension.