Beneficiary nominations

Yes, you can nominate more than one person if you’re making a binding or non-binding nomination. However, reversionary beneficiary nominations are limited to one person.

Yes, you can only nominate someone who falls into at least one of the following categories:

• Your spouse
• Your child
• An interdependent
• A financial dependent
• Your legal personal representative

Find out more about these nominee types by reading our beneficiary factsheet

This relationship exists when you share a close personal relationship with someone, live together, and provide each other with financial support, household help and personal care. It may still apply if either or both of you have a disability preventing you both from meeting all criteria, or you are temporarily living apart (such as one of you is staying in hospital). 
 
Generally, an interdependency relationship does not apply to your typical parent-child or sibling relationship, unless a serious illness or disability exists, or if you are living in shared accommodation but are not in a relationship.

You can do this by nominating your legal personal representative.

You can do this by nominating to your legal personal representative and then directing them to make the payment to your chosen person via your Will. We recommend you speak to a financial adviser before making this nomination. 

Making or updating a reversionary beneficiary nomination may affect Centrelink entitlements and may have tax implications.  We recommend you speak to a financial adviser or Centrelink before making this nomination. 

As a Mercer Super member you can access limited financial advice about your Mercer Super account at no extra cost - you can arrange for the advice team to contact you by completing the callback form.

Yes, you can update or cancel your nominations at any time.

If you’ve made a non-binding nomination you can do this by logging into your online account at mercersuper.com.au/login and head to the ‘Manage my beneficiaries’ section. 

If you have a binding or reversionary nomination, you’ll need to download, print and complete a new binding death benefit nomination form or reversionary death benefit nomination form  

Non-binding nominations don’t expire, but binding nominations can be set as lapsing (expire after three years) or non-lapsing (remains in place until cancelled). 

There are a number of reasons a nomination could be considered invalid. If you have a super account please refer to the beneficiaries factsheet and if you have a pension account, please refer to the Mercer SmartRetirement Income Product Disclosure Statement. 

If a member in the Mercer SmartRetirement Income product passes away and their account holds either no beneficiary nomination or a non-binding beneficiary nomination, the Trust Deed requires that the benefit be paid to the spouse as a pension benefit, where applicable. If there is no spouse, the benefit will be paid to the legal personal representative as a lump sum. If there is no spouse or legal personal representative, the Trustee will exercise discretion.

A valid binding nomination means that your super benefit goes exactly where you specify. It will not form part of your estate, unless you have nominated a legal personal representative.

There may be tax implications if your super is paid to a non-dependent (i.e. someone that isn’t financially dependent on you, such as an adult child) or if a dependent plans to receive the funds as an income stream.  
 
If you’re unsure of the tax implications we suggest you seek financial advice. 
 
As a Mercer Super member you can access limited financial advice about your Mercer Super account at no extra cost - you can arrange for the advice team to contact you by completing the callback form.

For more information about the rules relating to super, beneficiaries, and tax, visit the Australian Taxation Office’s website.