Who you can nominate as a super beneficiary
This will depend on the type of beneficiary nomination you have, but generally* eligible beneficiaries can include:
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your dependant/s, for example:
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or your legal personal representative - someone legally recognised by you to manage your affairs, usually the legal executor or administrator of your estate.
*For reversionary beneficiary nominations, you cannot nominate your legal personal representative, and special conditions apply to nominating children.
Who can't you nominate?
Unfortunately, you can’t leave your super to a pet -sorry Fido!
You also can’t leave your super to an organisation or charity. Superannuation law generally requires super benefits to be paid to one or more of your dependants or legal personal representatives.
What types of beneficiary nominations can you make?
In super, you can generally either make a binding or a non-binding beneficiary nomination.
Non-binding nominations
A non-binding beneficiary nomination acts as a guide for your super fund in deciding who should receive your super. Your super fund will consider your nomination, but ultimately use their discretion in deciding who should receive your super, considering your relationships at the time of your death.
Binding nominations
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. Nominations can also be lapsing or non-lapsing (only available for Rest Pension members).
Non-lapsing nominations (available only to Rest Pension members)
A valid non-lapsing beneficiary nomination is a nomination that your super fund must follow. This type of nomination does not lapse after any period and is only available to Rest Pension members. If you make this type of nomination, it’s important to keep it up to date, so that your super ends up with the person you wanted to get it.
Reversionary beneficiary (available to Rest Pension members only)
A reversionary beneficiary can choose to receive ongoing Rest Pension payments or a lump sum payment if you were to die. There are often special conditions that apply, so it's important to speak to your super fund or seek professional advice.