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Money habits

Who will benefit from your super if you don’t?

17 July 2016

We spend most of our lives working to build up our superannuation for retirement. It’s a huge asset, and like your other assets – your house, car and investments – it’s important that you know who will receive your super money when you’re not around anymore.

While it’s easy to assume that how your super is treated when you die is automatically determined by your will, this is not always the case. If you don’t nominate any beneficiaries for your super, the Trustee may decide who receives it. They could choose your dependents or even a legal representative, particularly if your estate is in dispute. 

Usually, the people who will receive the proceeds from your super fund are your dependents, such as your partner, spouse or your children. If you choose to leave your super to someone not financially dependent on you, there could be tax implications – so it can be worthwhile to meet with a financial adviser.

Meet With A Financial Adviser 

How you can nominate a beneficiary

There are a few different approaches you can take when deciding who receives your super account balance, including:

  • Making a non-binding nomination, which means you’ll let your Trustee know who your preferred beneficiaries are but they can still use their discretion to determine where your super will go;
  • Making a binding nomination, which means you’ll fill out a form to nominate your beneficiaries officially and you’ll need to renew the nomination every few years;
  • Making a non-lapsing binding nomination, which means you’ll nominate your beneficiaries once, and unless you decide to change them, they will receive your super payout if you pass away.

A binding non-lapsing nomination is a good option for most people when selecting a beneficiary for your hard-earned super. This is the best way to know for sure who your super is going to go to, and is what we offer Suncorp super customers.

Suncorp super binding non-lapsing nominations

Choosing your beneficiary is important. After all, your super could be a lot of money – so you’d want it to go to the right person. Normally, with a binding nomination, you’d need to update your super beneficiary every three years. But Suncorp super avoids this hassle by letting you make a binding ‘non-lapsing’ nomination. This means you never have to update your nominated beneficiaries, unless you want to. If you do, you can do it easily in your online account.

You don’t need the hassle of reviewing your binding nomination every three years. A binding non-lapsing nomination ensures your beneficiary selection remains valid. You can make a non-lapsing nomination in only a few minutes by logging into your Suncorp super online account.

If you’re unsure about who your super would go to if anything happens to you, it’s worth contacting your financial adviser or your super provider for more details. 

Learn More About Suncorp’s Super Accounts 

Suncorp Super products and this information are issued by SPSL Limited ABN 61 063 427 958 AFSL 237905 RSE licence number L0002059 (the Trustee), trustee for the SPSL Master Trust ABN 98 350 952 022, RSE Fund Registration No. R1056655 (the Fund). The Trustee is wholly owned by LGIAsuper Trustee as trustee for LGIAsuper (LGIAsuper) and is not part of the Suncorp Group. The Trustee uses the ‘Suncorp’ brand under licence. Suncorp Super products are not bank deposits or bank liabilities and are subject to investment risk, including loss of the interest and principal invested.  The obligations of the Trustee aren't guaranteed by any company within the Suncorp Group or the LGIAsuper Group, nor do either Group guarantee the performance of Suncorp Super products.

This is general advice only and doesn’t take into account your personal objectives, financial situation or needs. Before acting on any advice in this document, you should consider the appropriateness of the advice to your personal objectives, financial situation and needs. Before making any decision to acquire a Suncorp Super product, you should consider whether this information is appropriate for you and read the relevant disclosure documents, including the PDS, available at, or speak to your financial adviser.

SuperRatings Pty Ltd (ABN 95 100 192 283, AFSL 311800) (SuperRatings) does not issue, sell, guarantee or underwrite Suncorp Everyday Super. Go to for details of its ratings criteria. 

Before moving your superannuation, you should consider: any fees payable (e.g., for exit or withdrawal); where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, e.g., to your investments or tax position.