A Binding Death Benefit Nomination (BDBN) is a document that allows you to nominate who will receive your superannuation death benefit when you pass away. The Trustees of the super fund will be bound to follow the terms of the death benefit nomination, provided it has been validly implemented in accordance with the particular fund’s requirements and legislation. A binding super death benefit nomination is an important estate planning document and should be considered in line with your overall estate planning intentions. It should never be looked at in isolation.
A Reversionary Pension Nomination (RPN) is a document that you can prepare which directs the Trustees of your super fund to pay the super pension you are receiving to another nominated person upon your death. It is important to be aware that not everyone is eligible to receive your super death benefit as an ongoing pension after your death. For example, a spouse can be a reversionary pension recipient, but an independent adult child cannot.