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.

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.

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