What’s the best way to transfer super to a surviving spouse?

Q: We are aged 63 and 59 and thinking about our forthcoming retirement. One question we have concerns binding death benefits and reversionary pension nominations for our superannuation. We have neither at present, and are not certain which is the best way to go. What are the pluses or minuses of each and is one better than the other? Also, when is the best time to put them into place? Alternatively, could we do both? – Gary

A: Most superannuation practitioners will say any time is a good time to make a binding death benefit nomination (BDBN), while the best time for a reversionary nomination is likely to be when you start a retirement pension from your super.