Nominate a beneficiary
Who gets your super in the event of your death?
Nominating a beneficiary helps TelstraSuper to determine who should receive your super benefit in the event of your death.
There are three options for how you can decide who gets your super when you die:
- Binding
- Non-binding
- Reversionary beneficiary (RetireAccess members only).
Binding nomination
A valid binding death benefit nomination gives you certainty about who will receive your benefit if you die. TelstraSuper must pay your death benefit according to your wishes.
Binding nominations must be updated at least every three years. TelstraSuper will advise you in writing when your binding nomination is about to expire.
You can make a binding nomination only by:
- completing the Nomination of Beneficiaries form, which needs to be witnessed by two adult witnesses.
Non-binding nomination
A non-binding nomination will be taken into consideration by TelstraSuper as well as your personal circumstances, at the time of your death, but it’s not binding on the Trustee. This type of nomination can be made without needing to be witnessed.
Your non-binding nomination will endure throughout your membership of TelstraSuper, unless you elect to change it. However, TelstraSuper urges you to keep your non-binding nomination up-to-date to reflect, among other things, your current family circumstances.
You can complete a non-binding nomination by:
- logging in to SuperOnline and providing the relevant details, or
- completing a Nomination of Beneficiaries form.
Reversionary beneficiary nomination
(TelstraSuper RetireAccess members only)
A reversionary beneficiary nomination can only be made at the commencement of a TelstraSuper RetireAccess account. You may only nominate a single reversionary beneficiary who must be an eligible dependant at the date of your death.
If you nominate an eligible reversionary beneficiary, TelstraSuper is required by law to pay them the remaining balance of your TelstraSuper RetireAccess account as an income stream, in the event of your death. That is, your pension payments will continue to be paid to your nominated beneficiary.
If you have a Transition to Retirement (TTR) income stream you’ll need to have satisfied a relevant condition of release and have changed to a retirement income stream for your reversionary beneficiary nomination to be valid.
If you haven’t met a condition of release, you should consider adding a valid binding death benefit nomination to your account in addition to your current reversionary beneficiary nomination. This way, if something happens to you before you meet a condition of release, your binding nomination will ensure your death benefits will be paid according to your wishes.
Before making the decision to nominate, update or remove a reversionary beneficiary, you may want to consider seeking financial advice, as there may be Centrelink or Department of Veterans Affairs implications.
As a TelstraSuper member, you can access financial planning advice through TelstraSuper Financial Planning.
Need help with your beneficiaries
At TelstraSuper we’re here to help you build a secure financial future. TelstraSuper Financial Planning has a team of phone based Advisers who can provide you with simple advice about your TelstraSuper account. If you’d like to discuss nominating beneficiaries contact us on 1300 033 166 or by filling in our online contact form.
Online contact form