Nominate a beneficiary

Why is it important to nominate a beneficiary?

To make sure that your super, and any life insurance you hold inside super, goes where you want it to when you pass away, you need to nominate beneficiaries.

If you don’t nominate a beneficiary, your super fund may pay the funds to your Estate, or they can also use their discretion to decide on who will receive the payment. Making a nomination will help to give you peace of mind in knowing exactly where your death benefit payment will be distributed when you pass away.

Types of beneficiary nominations

There are different types of nominations currently available: 

• a binding nomination – We are bound to pay the benefit to the person(s) nominated as long as the nomination is valid. A binding nomination will expire after three years. 
• a non-lapsing nomination – We are bound to pay the benefit to the person(s) nominated as long as the nomination is valid. Unless an amendment or revocation has been made. A non-lapsing nomination will not expire. 
• a non-binding nomination – We will consider the nomination provided but we have discretion to pay the benefit to one or more dependants and/or your legal personal representative. 
• a reversionary pension – Allows the nominated person (usually a spouse or child) to automatically receive a pension. However, it is important to consider current transfer balance cap and any Centrelink implications of this option. 

Note: a nomination may become invalid if certain events happen or if a beneficiary is no longer a dependant at the date of death.  It's important to review your nomination regularly to make sure it reflects your current circumstances.

It is advised to refer to the relevant product PDS for the latest beneficiary nomination options available for your product as they may be updated from time to time. Refer to the Product Disclosure Documents.

Choosing a beneficiary

Super benefits are paid as a lump sum to one or more people who are eligible to receive them.

Life is constantly changing, and major events such as marriage, divorce, or the birth of a child can impact your plans and beneficiary choices. That’s why it's important to review and update your nomination regularly to ensure it reflects your current life circumstances.

Who can you nominate as a beneficiary?

A beneficiary is anyone who receives the death benefit payment from your super fund when you pass away. You can nominate one or more beneficiaries if your super fund allows it. When you have nominated a beneficiary, and the nomination is valid under superannuation law we must act in accordance with that nomination. 

A beneficiary must be a dependant under superannuation law, and/or your legal personal representative. 

What often surprises people is that you can't name just anyone as a beneficiary in your super.

Eligible beneficiaries can be: 

• your spouse (including de facto spouse or a same sex partner);
• your child (including an adopted child, stepchild, the child of the member’s spouse or an ex-nuptial child); 
• any person who is wholly or partially financially dependent on, or in an interdependency relationship (generally a close personal relationship between two people who live together, where one or both provided the other with financial support, domestic support and personal support) with, the member at the date of death; or
• your legal personal representative. A legal personal representative is the person appointed by a court to manage the estate, usually an executor (if you have a will) or administrator (if there was no will) of your estate.

If you nominate your estate or legal personal representative, you can then detail in your will how you would like them to distribute your death benefit.

It’s important that your will is up to date to ensure the death benefit payment is distributed according to your wishes. 

Please note, we check to see if your nominated beneficiary is a dependant or legal personal representative at the time of death – not at the time we receive the beneficiary nomination.

Invalid nomination

If any beneficiary nominated is not a dependent according to superannuation law at the date of death, your nomination will be invalid.

For your nomination to be valid:

• it must remain valid at the date of death;
• total allocation must equal 100% and must be a percentage of up to two decimal places;
• you can only nominate a dependant (as defined in the relevant product disclosure document) and/or your estate/legal personal representative; and 
• your nomination must be signed and dated (and witnessed if required). 

Nominating a beneficiary

To have certainty around who’ll get your death benefit when you pass away, you can make a nomination by logging into North Online.

If you have a financial adviser linked to your account, your adviser can assist you in generating the paperwork required for the nomination process. 

How can I find out if I’ve nominated a beneficiary?

You can find your current nominated beneficiaries or find out if you have nominated any beneficiaries by logging into North Online.

We will also list your current nominated beneficiaries on your annual statement. 

Who can I speak to for advice?

While we’ve covered the basics on beneficiaries, you may wish to seek independent advice from your legal representative or financial adviser about your individual circumstances.