What happens to your remaining pension balance if you die depends on whether or not you make a binding beneficiary nomination.
If you don’t make a binding beneficiary nomination
If you die your remaining pension balance will be transferred to your spouse. Your spouse will be able to receive regular pension payments or withdraw the amount as a lump sum, in certain circumstances.
If you don't have a spouse, your remaining pension balance will be paid to either your dependants or estate. This means it's important to keep your will up to date to ensure your money is distributed according to your wishes.
If you make a binding beneficiary nomination
If you die the Trustee will distribute your remaining pension balance as per your instructions. However, you can only nominate your estate or people who are dependant on you. Your dependants include your spouse (including de facto), child, a person financially dependent on you (financial dependant), and/or a person you have an interdependency relationship with (interdependent).
Yes, we'll refund your contributions tax if you die
If you die and you're eligible, we'll refund the contribution tax you've paid during your lifetime. This refund can amount to many thousands of dollars. Because it's not a legal obligation, not all super funds refund this tax.
These refunds, known as 'anti-detriment payments', are paid to your current or former spouse (including de facto and same sex partner) or your children (of any age) if your pension balance is paid to them as a lump sum. The refund is paid in addition to your pension balance and any insurance payments.
We use the Australian Taxation Office approved formula to calculate the refund.
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