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Who gets your super?

Who would receive your super if you were to pass away? Unlike your house or your car, super isn't covered by your will when you pass away. Instead, its distribution is handled by your super fund trustee. 

Making a binding beneficiary nomination ensures your super, including any insured benefits, goes to the people you want it to. Without a binding nomination, the trustee will decide how your funds are distributed, which may not align with your wishes. 

Binding beneficiary nominations also help avoid delays, legal disputes, and confusion during a difficult time. 

How to nominate a beneficiary

If you want to ensure that your super is distributed according to your wishes you need to complete and return a binding death benefit nomination. You can do so via the beneficiary forms on this page.

Alternatively, you can opt for a non-binding death benefit nomination. This enables you to express a preference for who should receive your super, but isn't legally enforceable. This process can be completed by logging into your account and selecting 'Beneficiaries' from the main menu. 

Below, we've outlined the difference between binding and non-binding beneficiary nominations, and how they can impact the distribution of your super and associated insurance benefits.

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Frequently asked questions

A beneficiary is the person(s) who will receive your super benefits if you die.

They can be nominated specifically by you, or identified and selected by the Trustee. In either case, the beneficiary(ies) must have met the relevant conditions under superannuation law that make them eligible to receive your super benefit.

Making a beneficiary nomination helps us understand how you want your benefits distributed when you die. It’s your opportunity to have a say about who you want to receive your money.

At Equip Super, we offer three types of beneficiary nominations:

A binding beneficiary nomination allows you to nominate who you want to receive your super payout so that it’s legally binding.

The Trustee must pay your super to your nominated beneficiary, providing your nomination is valid. A binding nomination ensures faster payment to your loved ones, as we don’t need to make a decision on your behalf.

You must review your binding nomination every three years.

You can nominate any of the following:

  • dependants
  • people who are in an interdependency relationship with you, or
  • your legal personal representative.
How the benefit is paid

Generally, the benefit will be paid to your beneficiaries as a lump sum, but dependants may also have the option to transfer their benefit to an income stream.

Where binding nominations may have expired or are considered invalid, then the nomination may be treated as a non-binding nomination.

To make, change or cancel a binding beneficiary nomination:

A non-binding beneficiary nomination allows you to nominate who you’d prefer the Trustee to pay your super to.

However, it’s not legally binding, meaning your preferred person may not receive it.  The Trustee will make the final decision as to who receives a benefit and in what proportions.

A spouse (including de facto), minor children, and financial dependent children are given priority over any other beneficiary such as adult children and claimants who aren’t financially dependent on you.

A non-binding beneficiary nomination doesn’t expire, but you can change who you’ve nominated at any time.

How the benefit is paid

Generally, the benefit will be paid to your beneficiaries as a lump sum, but dependants may also have the option to transfer their benefit to an income stream.

To make, change or cancel a non-binding beneficiary nomination:

If you’ve got an Equip Super Transition to Retirement Income account, or Retirement Income account, you can also nominate one of the dependants listed below as a reversionary beneficiary at any time.

Provided the beneficiary you nominate is still your dependant for tax purposes when you die, then we must pay your benefit in line with your nomination. We recommend you seek financial advice before making or removing a reversionary nomination, as there may be financial, tax or social security implications.

You can nominate one of the following:

  • your spouse
  • a child under the age of 18
  • a child under the age of 25 who is financially dependent on you
  • a child of any age who suffers from an intellectual, psychiatric, sensory, and/or physical impairment that is permanent or likely to be permanent that results in substantially reduced capacity for communication, learning or mobility and the need for ongoing support services
  • a person who is financially dependent on you, or
  • a person in an interdependency relationship with you.

You can’t nominate your estate or legal personal representative as your reversionary beneficiary.

How the benefit is paid

After your death, we will continue to pay an income stream from your account to your eligible reversionary beneficiary. Your beneficiary may choose to convert that income stream to a lump sum.

To make, change or cancel a reversionary beneficiary nomination:

You can choose to nominate as many beneficiaries as you like if you’re making a binding or non-binding nomination, providing they are any of the following:

  • your spouse (including de facto or same-sex partners) 
  • your child (including step-children and adopted children) 
  • anyone who is financially dependent on you 
  • anyone who has an interdependent relationship with you. 

For reversionary beneficiaries, only one person can be nominated (as outlined in the 'Additional beneficiary option for retirement members' section above).

Refer to the relevant PDS and guides for your Equip Super product for more information on how these beneficiaries are defined.

A legal guardian must claim on behalf of any minor children of the deceased.

Depending on the circumstances, the legal guardian may also be responsible for establishing a trust fund for the benefit to be paid into. The trust fund would generally contain funds and other assets that may be used for the child’s education and maintenance.

Under some circumstances, payment of a death benefit to a dependant child can also be made as a death benefit income stream.

Income payments generally stop on or before the child’s 25th birthday and any remaining benefit is paid as a tax-free lump sum payment directly to the child.

If the dependant child has a permanent disability, the income payments may continue.

Remember to keep your nominations up to date to ensure they continue to reflect your wishes.

Changes in personal and family circumstances may mean you need to update your nominations, for example:

  • if you have a child 
  • if you end a relationship with a partner 
  • if someone you’ve nominated as a beneficiary dies. 

You can change or cancel your nominations at any time using the instructions provided above for each beneficiary type. 

For more information on nominating beneficiaries, refer to the relevant PDS and guides for your Equip Super product.

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