Types of beneficiary nominations
Binding beneficiary nomination (Rest Super and Rest Corporate)
As its name implies, a valid ‘binding’ beneficiary nomination is legally binding, so it means you have the final say on who receives your super. You can nominate a binding beneficiary by completing the Super – binding nomination form and returning it to us.
Binding nominations for Rest Super & Rest Corporate expire after three years. A valid binding nomination must be updated within the three years to remain binding, otherwise it will be treated as a non-binding nomination.
Binding beneficiary nomination (Rest Pension)
These are nominations that Rest, subject to accepting the nomination, must follow, and that do not expire after any period of time. If you make this type of nomination, it is important to update it if your circumstances change.
Rest will still have discretion over your death payment if your binding nomination is invalid or if the beneficiary you’ve nominated was not a dependant at the time of your death.
You can make, change, or remove your binding beneficiary nomination by completing a nomination form and sending it to us.
Non-binding beneficiary nomination
A non-binding beneficiary nomination acts as a guide for us in deciding who should receive your super. Rest will consider your nomination but ultimately we will use our discretion in deciding who should receive your super, considering your relationships at the time of your death.
You can make, change, or remove your non-binding beneficiary nomination at any time in the Rest App, or online in MemberAccess.
If you already have a binding nomination in place 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.
Reversionary beneficiary nomination (Rest Pension)
If you nominate a reversionary beneficiary, your dependant at the time of your death will receive ongoing pension payments after you die. You can nominate one reversionary beneficiary when starting your Rest Pension and you can’t change or delete your nomination. You can’t nominate your legal personal representative and there are special conditions regarding nominating a child, which you can learn more about here.
You will need to commence a new pension if you want to change your reversionary beneficiary but depending on when your pension commenced, this may affect how your pension is treated under the deeming rules.