Beneficiaries

Tell us who you’d like your super to go to

If you want to make sure your super goes to the people who are important to you, you should let us know who they are. We call this ‘nominating your beneficiaries’ and it’s a really important part of managing your financial future by making sure they’re taken care of. Superannuation law is quite specific about who your super benefit can be paid to – it can’t be paid to just anyone. So when nominating the beneficiaries for your super account, make sure you only nominate those people who are eligible. These are your dependants as set out under superannuation law, and/or your legal personal representative.

Your dependants

These are your spouse (including a de facto or same sex partner who lives with you), your children, a financial dependant, or someone who is in an interdependent relationship with you. This generally means your super can’t be paid to your parents, siblings or close friends unless they fall into one of these categories.

Your legal personal representative

This is usually the executor of your will or administrator of your estate. Your legal personal representative will distribute your super, along with your other assets, in accordance with your will if you have one. In your will, you may choose to pay some of your super to someone who is not your dependant.

Types of nominations

  1. A binding nomination means your super fund must pay your super in accordance with your instructions, provided it is valid and the people you have nominated remain eligible at the date of your death. A binding nomination is valid for three years.
  2. A non-binding nomination gives your super fund a guide to who you’d like your super to be paid to, but your wishes aren’t binding. The trustee of your super fund will make the final decision on how your super is distributed.
  3. If you’ve got an Income Account (regular income stream), you also have the choice of making a reversionary binding nomination. This means your regular income payments continue to be paid to your beneficiary if you die, or they can choose to take the amount left in your Income Account as a lump sum. You can only nominate your spouse or child (who’s under 18, or under age 25 if they are financially dependant on you, or any age and qualifies because of a disability) as your reversionary beneficiary.

How do I make a beneficiary nomination?

For super accounts, you can make a non-binding nomination online.

To make a binding nomination, you’ll need to complete a form.

If you don’t nominate anyone

If you haven’t made a nomination, the trustee will decide how your super is distributed between your dependants and/or legal representative.

Other things to consider

There may also be estate planning implications to consider when nominating your beneficiaries – a licensed financial adviser will be able to guide you. Call us on 1300 362 967 to speak to a financial adviser who is familiar with Qantas Super. The first session is at no extra cost.