Who can be your beneficiary?
A beneficiary must be:
- a dependant under superannuation law*, or
- your estate (also known as your legal personal representative).
You can nominate one or more beneficiaries if your super fund allows it.
You should keep your beneficiaries up to date and in line with your personal circumstances. If you don't, your death benefit might not go to the people you want it to.
Your annual statement will show who you've nominated. If you are a member of an AMP fund, they can also be confirmed through My AMP.
At a glance
- A super fund beneficiary must either be a superannuation dependent or your estate.
- It's important to keep your beneficiaries up to date.
- Binding nominations ensure the trustee pays to your nominated beneficiary.
- Death benefits will be paid to dependents tax-free.
- Non-dependents will be taxed up to 32%.#
This table gives an overview of each option, although some conditions apply.
|Option||What happens to your death benefit?|
|Binding nomination||If you provide a binding nomination that satisfies all legal requirements and which has not expired (binding nominations typically expire after three years unless you renew them) the trustee of the super fund must pay your benefit to the beneficiaries you have nominated and in the proportions specified.|
|Non-lapsing binding nomination||Non-lapsing binding beneficiary nominations (which do not expire and so do not need to be renewed) are now available. A non-lapsing nomination is a request by a member to the trustee to pay their benefit to the beneficiaries nominated and in the proportions specified. If the trustee consents to the nomination and it is valid at the time of a member’s death, the trustee is bound to pay a member's death benefit in accordance with the nomination. A non-lapsing nomination will continue to apply until a member revokes an existing nomination or makes a new nomination. In certain circumstances a non-lapsing nomination will be treated as a non-binding nomination. It is important that members review their non-lapsing nomination regularly to ensure that it is still appropriate for them.|
|Non-binding nomination||The trustee of the super fund will decide which of your beneficiaries will receive your death benefit and in what proportion. Your nominated beneficiaries will be taken into account.|
|No nomination||Depending on the product, the trustee will either pay your death benefit to your estate or it may use its discretion to determine the beneficiaries.|
How do I add or update my beneficiary(ies)?
You can add or update your nominated beneficiaries at any time by completing the death benefit nomination form for your super product.
AMP Flexible Super, CustomSuper and SignatureSuper customers can update their non-binding beneficiaries online through My AMP.
- Log into My AMP
- On the 'Super' page, select 'Manage my beneficiaries' from the 'I want to' menu
- Add or update your non-binding death benefit nomination.
If you would like to add, change or cancel a binding death benefit nomination you will need to complete the death benefit nomination form for your super product.
You can also add a beneficiary(ies) to your policy over the phone by calling our customer solutions centre on 131 267. You can also post your request in writing to us. You need to include in your letter the following details:
- full name(s) of policy owner(s)
- signature(s) of policy owner(s)
- D.O.B (for each life insured)
- current address and phone number(s)
- beneficiary details which include the full name(s) of beneficiary(ies), relationship of beneficiary(ies) to policy owner(s) and the percentage of benefit for each beneficiary.
For example, Joe Bloggs, son, 50% and Jane Bloggs, daughter 50%.
Post your request to:
AMP Life Ltd
PO Box 300
PARRAMATTA NSW 2124
Super, Insurance, Retirement enquiries
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