Is superannuation now more confusing than ever?

Published 26 Jul 2016

Thanks to new rules regarding superannuation proposed by the coalition government, retirees may be more confused about the system and whether they can make superannuation claims. Some are even facing the prospect of running out of money.

It’s important to know exactly what you’re looking at when it comes to your super, it’s your money. That’s why it’s key that when you may have a superannuation dispute to seek the help of experienced, well-versed and trusted lawyers in the field.

Problems with the proposals

The rules have been the cause of criticism in some circles. One staunch critic of the proposals has been former Defence Minister David Johnston. Speaking to Sky News, Johnston claimed the proposals were a “breach of trust”.

“Trust is something that politicians have very little of and we’ve burnt a lot of it in this campaign. Moving the goalposts and retrospectively adjudicating people’s entitlements is something that I think is repugnant to the way particularly people in Western Australia relate to Canberra.”

Caps could result in serious confusion

It has been reported in the media that the Prime Minister may be looking to backtrack somewhat on the proposed cap. One area that was in particular focus are exemptions for divorced couples, people who have inherited estates from the deceased and farming families.

With any change to government policy involving super funds there is inevitably confusion about how it may affect existing or potential death benefit claims.

In cases such as this, when you may feel isolated and confused about what may or may not happen to your superannuation, you need to know that you are dealing with people who know what they are doing and are willing to help. That’s why it’s imperative you seek legal advice from experienced, independent people who are willing and able to help.

Doing this will help ensure that you have the best chance of getting a greater sense of clarity about your superannuation, whether it has been affected and if you can make a claim.

It’s your money. You’re entitled to it and to know what exactly is happening to it. If you are looking at making a compensation claim get in touch with Gerard Malouf & Partners today and hear more about our No Win No Fee policy.

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