What happens to my super if I die?
If you die while you are a member of your super plan, your beneficiaries can claim a death benefit. This is equal to your account value (subject to any vesting scale) plus any insured death cover.
It is very important that you keep your nomination of beneficiary up to date, in line with your personal circumstances. If you don’t, your death benefit might not go to the people you want it to.
Who can be my beneficiary?
You can nominate one or more beneficiary(ies). All beneficiaries must be either:
- a dependant*, or
- your estate (also known as your 'legal personal representative').
* See the Product Disclosure Statement for the relevant product for a definition of this term.
Are there different ways of nominating beneficiaries?
AMP provides a range of options for nominating beneficiaries. The table below provides an overview of each option but some conditions apply. Understanding beneficiaries and how your nomination affects what happens to your death benefit is extremely important.
Option |
What happens to your death benefit |
| Binding nomination |
If you provide a binding nomination that satisfies all legal requirements, the trustee of the superannuation planmust pay your benefit to the beneficiaries you have nominated and in the proportions you have specified. |
| Non-binding nomination |
The trustee of the superannuation plan will decide which of your beneficiaries and in what proportions, will receive your death benefit. Generally, your nominated beneficiaries receive your death benefit, but depending on your circumstances at the time of your death, the trustee may decide to pay your death benefit differently. |
| No nomination |
If you have not made either a binding or a non-binding nomination, the trustee must pay your death benefit to your estate. This means you should consider making a Will and ensuring it covers your superannuation benefit. |
Who is nominated as the beneficiary on my super account?
Your Annual Statement will show who is your nominated beneficiary(ies). You can also check these in My portfolio.
How can I change my beneficiary(ies) on my super account?
You can nominate, cancel or change your nominated beneficiary(ies) at any time by completing the 'death benefit nomination form' for your super product.
CustomSuper and SignatureSuper customers can also update their non-binding beneficiary(ies) online via My portfolio.
What happens between when I die and when the death benefit is paid?
In the event of your death, all amounts invested in your account at the date we receive notification of your death will be transferred to the AMP Cash Plus investment option, to ensure that the value of the benefit does not reduce. Any investment earnings between the date your death is notified and the day the benefit is paid will be added to the account.