Superannuation and TPD
Do you have a superannuation claim?
Your superannuation is designed to support you after you retire. Once you reach ‘preservation age’, which is 55 or 60 years old depending on when you were born, you can access it if:
- You have permanently retired.
- You have reached 65 years of age.
- You are transitioning to retirement and have started a Transition To Retirement (TTR) pension.
However, there are some circumstances in which you may be able to get early access to your superannuation fund. These include:
- Severe financial hardship.
- Terminal illness.
- Compassionate grounds.
The criteria applied are strict, and you will need to provide proof.
How Penrose Lawyers can help with your superannuation or total permanent disability claim
If you’re not sure if you’re eligible for a superannuation or TPD insurance payout, you have made a claim and it was rejected, or your benefits were not paid out in full, we can help.
All insurance policies have fine print containing terms and conditions that can affect your right to make a claim. Understanding those terms and conditions can help you make a successful TPD claim.
Do you have a total permanent disability claim?
If you have suffered total permanent disablement (TPD) as a result of an injury, illness or accident, you may be entitled to a lump sum payout through your superannuation fund insurance. You may also have TPD insurance through a life insurance policy.
TPD insures you in the event that you are unable to work again and therefore cannot accumulate superannuation funds for your eventual retirement. Generally, TPD cover is automatically provided by your superannuation fund and is called ‘default cover’.
TPD cover varies between policies. Some types of cover require that you cannot work ever again in any occupation, whereas others just require that you cannot work in your current occupation. You will need to know what type of cover you have to work out whether you are eligible.
What do you need to do?
- For TPD claims and superannuation claims due to terminal illness, you will need medical evidence from two independent medical practitioners.
- For financial hardship claims you will need to show that you have received government income support payments continuously for 26 weeks and are unable to meet reasonable and immediate family living expenses.
- For payments on compassionate grounds, you will need to show what expenses you need to cover. These may include medical expenses or palliative care for you or a dependent, loan or rates payments to avoid homelessness, home modifications or death and funeral related expenses.