3 superannuation laws you should be aware of
Published 14 Jun 2016
Many Australians are unfortunately unaware of the benefits they can receive under their superannuation funds. Whether you have received an injury that has totally precluded you from working or are seeking ways to ensure your income is protected, a superannuation claim may be what you are looking for.
However, to ensure you are in the a best possible position when making an application, it is advisable to talk to an experienced compensation lawyer before your begin. One of the major benefits of following this approach is being able to use their knowledge of relevant legislation to your advantage.
To help you understand the legislative framework that governs superannuation, here are three important laws that you should know about.
1. Superannuation Act 1976 (Cth)
This piece of legislation is a major pillar in the framework that governs the long-term savings and investment product. The aim of superannuation is to provide Australians with tax-advantaged retirement benefits in the form of a lump sum, pension and other payments.
According to the New South Wales government, since 1992 more than 95 per cent of Australian workers are part of a super fund, while there are over 25 million superannuation accounts worth over 1.8 trillion in total.
The legislation is also a platform for Australian workers to claim benefits in certain circumstances. One of the most important is the Total and Permanent Disability (TPD) which sets out the ability to make claims on super funds if you are not able to work.
2. Superannuation Industry (Supervision) Regulations 1994 (Cth)
The law sets out a number of conditions that provision for the management of superannuation funds. It is also an essential element in the claim process as it outlines what is permanent incapacity.
Specifically, it makes provisions that specify a trustee must be satisfied that the member’s physical or mental capacity will make it unlikely, if not impossible, for them to engage in employment again.
3. Superannuation (Resolution of Complaints) Act 1993 (Cth) (SRC Act)
The SRC Act establishes, monitors and operates the Superannuation Complaints Tribunal. This is a special organisation that deals with complaints about superannuation relating to a number of areas. Most importantly, it deals with applications for TPD and can be a major part of any claims process.
If you are interested to learn more about superannuation claims, talk to TPD lawyers experienced in the claims process. Contact Gerard Malouf and Partners today and find out about their no win no fee guarantee.