Although you may have a will where you’ve detailed where you’d like your assets to go, your super is treated a little differently as it doesn't form part of your estate.
As your super is held in trust by Mercer Super, we’re legally responsible for ensuring that your money (including any death insurance you may hold) is paid to the appropriate person in accordance with superannuation law.
Nominating a beneficiary for your super means you can have peace of mind your money will be paid to the people you care about most.
Step one - Deciding what type of nomination to make
The first step in nominating a beneficiary for your superannuation is deciding whether you’d like your nomination to be non-binding or binding. When opening a pension account you may be able to nominate a reversionary beneficiary instead.
Please note that if you hold multiple accounts, a beneficiary nomination will be required for each account individually.
- Open all
Step two - Deciding who to nominate
Now that you’ve decided what type of nomination you'd like to make, the next step is deciding who you’d like to receive your money if you pass away.
You should be aware that the Government has legislation outlining who can be nominated as a beneficiary of your superannuation, so it’s important to determine if the person or people you’d like to nominate are eligible. You can nominate any of the following dependents:
The rules regulating superannuation, beneficiaries and tax are complex. For example, there may be tax implications if your superannuation is paid to a non-dependent, or if a dependent plans to receive the funds as an income stream (as opposed to a lump sum).
We recommend that in situations where you’re considering having your superannuation paid to a non-dependent or a dependent who plans to receive the funds as an income stream (including a reversionary pension), you seek advice from a licensed financial adviser.
For further information on the rules regulating superannuation, beneficiaries and tax please refer to the Australian Taxation Office.
Disclaimer: This document has been prepared and sent on behalf of Mercer Superannuation (Australia) Limited (‘Mercer Super’), ABN 79 004 717 533, Australian Financial Services Licence #235906, the trustee of the Mercer Super Trust ABN 19 905 422 981. Any advice contained in this document is of a general nature only, and does not take into account the personal needs and circumstances of any particular individual. Prior to acting on any information contained in this document, you need to take into account your own financial circumstances. Please consider the Product Disclosure Statement, Product Guide, Insurance Guide, and Financial Services Guide before making a decision about the product, or seek professional advice from a licensed, or appropriately authorised financial adviser if you are unsure of what action to take. 'MERCER' is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917. Copyright 2022 Mercer LLC. All rights reserved.