Beneficiaries

No one likes to think about not being around to enjoy retirement. But if something does happen to you, there should be a plan to make sure your super goes to your beneficiaries.
Have a plan - and keep it up to date

Nominating beneficiaries
Unless you nominate otherwise, in some cases the trustee of your fund may pay your benefit to your legal personal representative or dependants.
  
Death benefit
In the event of your death, your super fund will pay a death benefit. This benefit is all the money you are entitled to at the time of your death. This benefit may also include the proceeds of any life insurance you have through your super.

Ways to nominate
There is a range of ways you can nominate beneficiaries, depending on which super fund you are with.
 Older man walking down a path.
Dependants
Your benefit most often goes to a dependant. You can nominate on your super your spouse, de facto, child, financial dependant, or a person with whom you are in an interdependent relationship. The trust deed of some funds may restrict beneficiaries to a narrower range of dependants.

Those dependants further classified as 'tax dependants' (ie: spouse, children under 18 or a financial dependant) can receive your super completely tax-free.
If circumstances change...
At different times in your life you may need to rethink how your super is structured and who benefits if your circumstances change.
Binding and non-binding nominations
Profile shot of woman standing in front of forest.
Types of nomination

You can make either a 'binding' or
'non-binding' nomination.
Make sure you understand the rules
and implications of your decision.

Non-binding nomination

A non-binding nomination means you've indicated beneficiaries that you would like to be considered in the distribution of your benefit. The trustee will take your preferred nomination into consideration, but will have the final say as to how the funds are distributed.

This type of nomination is valid for the entire term of your plan and can be modified by you at any time.

Binding nomination

Through a binding nomination, you instruct the trustee as to which dependant(s) will receive what portion of your benefit. The trustee must abide by your nomination if it is valid at the time of your death.

This nomination is generally valid for three years, but some funds have provisions which mean that it never lapses.
Find out more about investment
Find a financial adviser using BT's Adviser Referral Program.
Learn about BT's super funds.