Who gets your pension?
Unlike your other assets, the money in your pension account does not automatically form part of your estate. That’s why we need you to tell us who you want to get the money when you die, by nominating your beneficiaries. If you don’t, it’s left up to the Trustee to decide how your death benefit should be distributed to your dependants.
Generally speaking, your death benefit can only be paid to your dependants or your personal legal representative (to form part of your estate). Under super law a ‘dependant’ is:
- your spouse (including an opposite or same-sex de facto partner)
- your children
- anyone who is financially dependent on you; and
- anyone with whom you share an interdependency relationship.
While it’s not something we like to think about, it’s your money so it’s important to make sure your wishes are known to us.