When you open your retirement income account with us, you can nominate who will receive the balance in your account should you die before your account balance runs out.
If you die while there is still money in your account, that money will be passed on to your beneficiaries (which can be one or more dependants or the legal personal representative of your estate). Dependants include your spouse*, children, a financial dependant or a person with whom you're in an interdependency relationship.
If there are no dependants or legal personal representative, another person such as a relative can be nominated as a beneficiary.
There are two ways a TransPension account can be distributed to beneficiaries - as a regular pension payment (known as a reversionary pension) or as a lump sum.
If you make a reversionary nomination payments automatically ‘revert’ to your beneficiary should you die provided they are your dependant at the time of death. They can then manage the account in the same way as you did and will continue to receive payments (until they run out).
You can nominate only one reversionary beneficiary when you start your account and it cannot be changed (unless you close your account and start a new one).
If you wish to make changes to your reversionary nomination, please call us on 1800 222 071 from 8am to 8pm (AEST/AEDT) weekdays.
Lump sum payment nomination
You can nominate one or more beneficiaries to receive your TransPension balance as a lump sum payment. The nomination may be binding or non-binding.
A non-binding nomination can be updated through Member Online or by calling TWUSUPER on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays. This means that the Trustee will consider your nomination when deciding who receives your account balance.
Your non-binding nomination stays in place until you decide to change it.
If you make a valid binding nomination then the Trustee must pay your lump sum payment according to your instructions. A binding nomination must be made in writing using the Binding Nomination form, and has to be updated at least every three years. If your binding nomination expires, it becomes a non-binding nomination.
- Information for dependants
* The law defines a spouse as another person (whether of the same or different sex) who is legally married to you, or a person who, although not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple.