Beneficiaries

Many Australians – an estimated half – put off nominating a beneficiary because the topic is confronting or seen as too hard. It doesn’t have to be though. There are simple steps you can take to make sure your wishes are taken into account.

Nominating your beneficiaries

There are two ways to nominate your beneficiaries:

• binding
• non-binding.

The kind of nomination you make will depend on your circumstances. There may be tax and other issues to think about, so consider getting advice before you make a decision.

If you die without making a nomination, we’ll pay your benefit to your dependant/s and/or legal personal representative.

Make a beneficiary nomination

• Binding beneficiary
  A binding death benefit nomination lets you decide who’ll receive your benefit when you die. We must pay your benefit to whoever you’ve selected if your nomination is valid and binding. You can only nominate your legal personal representative or your dependants.

  Binding nominations are valid for three years from the date you and two witnesses sign and can be renewed, changed or cancelled.

  Download the Make a binding death benefit nomination form.

• Non-binding beneficiaries
  If you make a non-binding death benefit nomination, at the time of your death, generally your benefit will be paid in accordance with your instructions. However, in some cases we may use our discretion when determining who to pay your benefit to and in what proportions. When making a decision, we’ll take into consideration your nomination and any other legal requirements and governing rules.

  Log in to make a non-binding nomination.