A member’s estate planning objectives should be taken into account when commencing any new pension.
If a member has a pension account with a reversionary beneficiary nomination, the pension can continue to be paid to the reversionary beneficiary when the member passes away. This can have important consequences so should be thoroughly considered when commencing a pension.
The trust deed also needs to allow a reversionary nomination to be made.
To read this fact sheet in its entirety download the PDF version here.