Beneficiaries explained
A beneficiary is the person or people you want to nominate to receive your death benefit (your super and any insurance benefit) when you die.
How to nominate who gets your super?
BUSSQ offers the following ways to nominate who gets your death benefit.
Non-binding nomination
When you make a non-binding nomination, your wishes about who should receive your death benefit when you die are a guide only and are not binding on the Trustee.
The Trustee will take your non-binding nomination into consideration, but it is the Trustee who makes the final decision. The death benefit can be paid to your dependants or the Legal Personal Representative of your Estate.
You can easily make and update a non-binding nomination in your online account.
Binding nomination
If you make a valid binding nomination, the Trustee is bound by the nomination.
A binding nomination can only be made on a Binding Death Benefit Nomination form and it will be valid for three years after which, you will need to re-confirm the nomination or provide a new one.
For your binding nomination to be valid, certain conditions must be met. Learn more about making a binding nomination.
Child income beneficiary
With BUSSQ you can nominate for your death benefit to be paid into one or more Child Income accounts for your dependant children. Find out more about our Child Income account.
Reversionary nomination
A reversionary nomination is an option available only for income account members. When this nomination is made, following your death, a reversionary income will be paid from your Income account to your spouse or the dependant named as a reversionary beneficiary.
A reversionary nomination can only be made when opening a BUSSQ Income account. Find out more in our Income account PDS.
