If you have a Retirement Income Stream, you can choose to nominate a reversionary beneficiary who will receive your regular pension payments after your death.

Why have a reversionary beneficiary?

If your beneficiary is older than 67 and receives your super or Income Stream as a lump sum on your death, they may not be able to re-deposit the money into the super system.

By nominating them as your reversionary beneficiary, they will continue to receive an ongoing pension, rather than having to worry about what to do with a lump sum of money, especially at such a stressful time.

Things to know

It’s not compulsory to nominate a reversionary beneficiary.

You can make a reversionary beneficiary nomination at no charge at any time. There is also no need for witnesses to countersign your reversionary beneficiary nomination, which makes the whole process easier.

Nominate now

Who can you nominate?

Whoever you nominate must be an eligible person at the date of your death. This means they must be:

  • your spouse (legal, de facto)
  • your child (under 18, 18-25 if financially dependent on you, or any age if they are permanently disabled under the meaning of the Commonwealth’s Disability Services Act 1986)
  • any person who is wholly or partially financially dependent on you
  • any person you have an interdependency relationship with. Two people (whether related or not) have an interdependency relationship if:
    • they have a close personal relationship, and
    • they live together or are temporarily living apart, and
    • one or each of them provides the other with financial support, and
    • one or each of them provides the other with domestic support and personal care of a level normally provided in a close personal relationship (rather than by a mere friend or flatmate), or
    • if they have a close personal relationship but do not meet the criteria above because one or both of them have a physical, intellectual or psychiatric disability

What if I have a binding death benefit nomination?

A reversionary beneficiary is different to a binding death benefit nomination.

A reversionary beneficiary is not right for everyone. It may be that you don’t have a spouse or other eligible person who you can nominate as a reversionary beneficiary or that you and your spouse have other financial or estate planning arrangements in place. It is not compulsory to have a reversionary beneficiary (or a binding death benefit nomination, for that matter).

If you have a binding death benefit nomination already in place, any reversionary beneficiary nomination you make will override that nomination.

The differences between a binding death beneficiary and a reversionary beneficiary are listed below for you:

Binding Death Benefit Reversionary Beneficiary
Who can make this nomination? Any member of ElectricSuper in:

  • Accumulation (Division 5)
  • Lump Sum (Division 2)
  • RG (Division 4)
  • Transition to Retirement Income Stream
  • Retirement Income Stream
A member of the Retirement Income Stream
What does the beneficiary receive on your death? A lump sum from your super Your regular income stream payments, or they can choose to receive it as a lump sum
How many people can you nominate? As many as you want One person
Who can be nominated? Any dependant under superannuation law:

  • Legal Personal Representative
  • Spouse
  • Child (of any age)
  • Anyone financially dependent on you
  • Anyone you in an interdependency relationship with
  • Legal Personal Representative
  • Spouse
  • Child (under 18, 18-25 if financially dependent, or any age if disabled)
  • Anyone financially dependent on you
  • Anyone you in an interdependency relationship with
How long does it last? 3 years

You have to re-nominate your beneficiary(ies) every 3 years.

Forever, unless you choose to cancel or change the nomination.

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