Unlike other assets owned by the deceased, superannuation is held in trust by the superannuation funds and not owned by the account holder – this means the will (if one is available) does not automatically determine who any superannuation will be paid to and the balance of any super funds does not automatically form part of the estate.

Lost super accounts are a common occurrence as people change addresses or move to a new employer with a different super provider. Around 40% of Australians have multiple superannuation accounts.

To check if the deceased person had any lost super you can download a form and list of next steps from the ATO website.

ATO lost and unclaimed super information.

Superannuation funds will normally pay death benefits to one or more of the deceased’s dependants (or legal representative).

For the purpose of superannuation dependants are defined as:

• A spouse or de facto (including same-sex partners)
• Children (including stepchildren, adopted children and children born after the death)
• People the deceased had an interdependent relationship with (lived together and provided financial, domestic or care support to each other)
• People who depended on the deceased financially (for bills, rent or maintenance, or having shared financial commitments)

If the deceased completed a valid binding death benefit nomination form naming specific beneficiaries (allowed under the law) or their legal personal representative (ie the executor) the super fund is obliged to pay the death benefit to those beneficiaries or into the estate to be distributed in accordance with the will.

Speak to us immediately if you believe the beneficiaries nominated are not entitled to the death benefit.

Non-binding nomination can be made in the super account naming beneficiaries who are person(s) who are a spouse, children, a dependant or a legal representative. The superannuation fund can determine if payment will be made to the nominated beneficiaries, other dependents, or directly to the estate.

Each superannuation fund has a different process for handling death benefit claims which they provide information for on their website.

Depending on the size of the death benefit and the situation the superannuation fund might require a grant of probate or letters of administration, along with other supporting documentation as part of their application process.

If the deceased person has made a binding death benefit nomination, the nominated person(s) will need to apply.

If the beneficiary is the legal representative you will need to determine the total value of the death benefit and include it on your assets and liabilities register and apply on behalf of the estate.

Australian Super

Rest Super (Retail Employees Super)

Colonial First State / Colonial Mutual Superannuation

AMP Superannuation

Hostplus

Unisuper

SuperSA

Mercer