Nominate who gets your super when you die
It's never too early to take control over how your super benefits will be distributed when you die.
Media Super has merged with Cbus. Therefore, when you open a Transition to Retirement (TTR) or Super Income Stream (SIS) account, you’ll be welcomed into the Cbus Super fold.
Nominate who gets your pension when you die
With a Super Income Stream account, in the event of your death, Cbus must pay out your account-based pension balance to your eligible beneficiaries.
This might include your spouse (including de facto and same-sex partners), your children, anyone financially dependent on you, or your legal personal representative.
The details below are a summary of the things you may need to consider when making a beneficiary nomination. For full details, including potential tax treatments, please refer to the Cbus Super Income Stream PDS
There are four beneficiary options available
You can nominate your spouse as a reversionary beneficiary when you first open your Cbus Super Income Stream account. This means that when you die, your payments will revert to your spouse.
They must be a dependant legal or de facto spouse (including a partner of the same sex) at the date you start your income stream and at the date of your death.
Once it’s accepted, a reversionary beneficiary nomination is generally binding on the fund and is irrevocable. To change or remove your beneficiary at a later date you must start a new income stream then transfer your account balance into it.
At the time of a claim, your beneficiary can choose to continue the income stream or request a lump sum payment.
Binding beneficiary nomination
If you make a binding beneficiary nomination, Cbus is required to pay your nominated person/s, regardless of whether your circumstances have changed. This is on the proviso you’re still a member when you die and your nomination is valid at the time of your death.
Contrary to its name, a binding death benefit nomination only lasts three years before it lapses. If you decide to make a binding nomination, it's your responsibility to keep the nomination up to date.
In the instance you forget to renew a nomination, it will expire. Your nomination will also become invalid if your beneficiary is no longer a dependant at the time of your death or has predeceased you.
Cbus will confirm your nomination/s on your annual Super Income Stream Statement. You can confirm or change it at any time by completing a Binding death benefit nomination form, available from cbussuper.com.au/forms.
Non-binding beneficiary nomination
It’s important you have a reversionary or a legally valid binding nomination. If not, Cbus will distribute your benefit to your dependants and/or legal representative in the proportions and manner it determines, at its sole discretion.
Cbus has obligations under super and tax laws around how your super benefits are paid when you die. This includes considering any nomination of non-binding beneficiaries you may have made, and/or any will you may have in place. While we'll consider your nomination/s, we may pay someone else based on your circumstances and those of your dependants at the date of your death.
Unlike binding nominations, a nomination of a non-binding beneficiary does not need to be regularly confirmed unless your circumstances or preferences change.
Legal personal representative
If you don’t want to nominate a dependant as your beneficiary (binding or non-binding) you can nominate a legal personal representative. This refers to the executor of your will or administrator of your estate. The benefit will then be distributed in accordance with your will or the State intestacy laws if you do not have a will.
How to make nominations
When you die, you won't have any control over what happens to your super or account based pension, so it's crucial to make the right beneficiary arrangements now.
Check those you are nominating are eligible and make sure your super fund offers beneficiary arrangements that you're comfortable with. To read more details, please refer to the Cbus Super Income Stream PDS
During the SIS account application process, you will be asked to nominate your beneficiaries when completing the application form.
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