Beneficiaries

Do you know who receives your pension if you die?

After your home, your pension is one of the most significant assets you are ever likely to own. It is important to ensure that your wishes are known when it is distributed.

If you die, we must pay your benefit to a dependant(s) or your personal legal representative. Making a nomination lets us know who you intend to distribute your benefit to.

There are several types of nominations:

Binding nomination

A binding beneficiary nomination means we are obliged to act in accordance with your wishes. Making a binding nomination is the only way to guarantee that your benefit goes to the eligible dependant(s) you intended.

Binding Nominations need to be renewed every three years. We will notify you via your annual statement when this is due.

Non-binding nomination

This means you make your wishes known to us but we will use this information as a guide only. There is no guarantee that your wishes will be followed.

Reversionary beneficiary

If you nominate a Reversionary Beneficiary, after you die the Trustee will (if the law allows) continue to pay any balance of your SMARTpension account to the Reversionary Beneficiary that you have nominated. These payments will be made as regular pension payments until the balance is exhausted, unless the Reversionary Beneficiary chooses to be paid a lump sum instead.

A nomination of a Reversionary Beneficiary cannot be changed or revoked once your pension commences.

How to make a Binding Nomination of Beneficiaries

Simply download our Binding Nomination of Beneficiary Form and post it in to us. Note that this form is a legally binding document so it must be signed by two witnesses (who are both over 18 years and not listed as beneficiaries) as well as you.

You can also talk to our Customer Service Centre on 1300 366 508 between 8.00am and 6.00pm AEST, Monday to Friday.