When you apply for a Rest Pension, you are asked to indicate who will receive your pension when you die. As it’s a very important decision and you may want to get professional advice from a lawyer or licensed financial adviser.
You can also review your beneficiaries any time in MemberAccess.
1. Non-lapsing binding beneficiary nomination
These are nominations that Rest, subject to accepting the nomination, must follow, and that do 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 binding nomination is invalid or if the beneficiary you’ve nominated was not a dependant at the time of your death.
2. Non-binding beneficiary nomination
A non-binding (previously referred to as a ‘preferred’) beneficiary nomination is not binding on Rest, but will act as a guide and is important in helping determine who should receive your money. Your beneficiary should be your dependant or your estate.
3. Reversionary beneficiary nomination
If you nominate a reversionary beneficiary, your dependant at time of your death will receive ongoing pension payments after you die. You can select only one reversionary beneficiary, and you can’t change or delete your nomination.
If you nominate a reversionary beneficiary, they must be your dependant, otherwise Rest will pay your money to your dependant(s) or to your estate.
Compare beneficiary options