Why does it matter?

Your superannuation does not automatically form part of the assets under your Will. Your super may be your most valuable asset so it’s important to consider who you want to receive it when you’re no longer here. 

If you haven’t nominated a beneficiary for your super, TelstraSuper’s Trustee will decide who will receive your superannuation balance and any insurance benefit (if applicable) when you die.   

Whilst many people have a simple situation that makes it easy to determine how assets are divided, many do not. Situations such as remarriage or ‘repartnering’, remarriage by your children, blended families or fractured relationships with family members can all cause potential complications. 

How you can take control

Nominating a beneficiary can help make your wishes known. You can nominate eligible dependents or your legal personal representatives.

These include:

• a spouse – including de facto and same-sex
• children of any age – including adopted and step-children
• interdependent – someone you live with and have a close personal relationship with where one or both of you provide for the financial and domestic support and personal care of the other
• other financial dependents – such as someone who relies on you financially
• your legal personal representative* – the Executor of your Will or the Administrator of your Estate. 

TelstraSuper offers three kinds of nominations – binding, non-binding and reversionary beneficiary (RetireAccess members only).

FIND OUT ABOUT THE TYPES OF NOMINATIONS

To make sure your beneficiary nominations stay valid and effective, it’s important to make sure you keep them up to date. Binding nominations are only valid for three years –they must be renewed even if you don’t make any changes. Non-binding nominations only need to be made once.

It’s a good idea to review the information you’ve given TelstraSuper  when your personal circumstances change, for example when you get married, divorced, have new children or grand-kids come along, or someone in your family dies. 

Thinking about retiring?

If you want to ensure that someone who is dependent on you, such as your partner or children, will receive your super benefit in the form of a regular income when you die you can nominate a reversionary beneficiary. You can only nominate a single person  (it can’t be changed) who must be an eligible dependent at the date of your death. You can only do this when you open your TelstraSuper RetireAccess account so planning is vital.

FIND OUT MORE

Make a nomination today

To make a binding nomination you’ll need to complete the Nomination of Beneficiaries form which needs to be witnessed by two adult witnesses. You can complete a non-binding nomination by logging into SuperOnline or completing a Nomination of Beneficiaries form (no witness required). 

 FIND OUT MORE

If you need help completing the forms or have any questions you can call us on 1300 033 166 Monday – Friday between 8.30am and 5.00pm (Melbourne time). 

Need help with estate planning?

TelstraSuper Financial Planning works with two estate planning specialists to ensure members have confidence that their wishes are catered for. Estate planning can be an important part of your retirement plan. If you’d like to speak to an Adviser from TelstraSuper Financial Planning about your estate you can give them a call on 1300 033 166 or fill in the online contact form.

* Note that a legal personal representative cannot be nominated as a reversionary beneficiary.