What is superannuation?
Superannuation is an essential part of Australian employment law and is a means for providing long term savings towards your retirement. Employer contributions towards superannuation funds have been made compulsory since 1992.. If you are eligible for compulsory superannuation, your employer is obligated to pay a minimum of 9.5% of your earnings for ordinary hours of work into your superannuation fund account.
Superannuation benefits: death & disability Insurance
In addition to your superannuation contributions, many superannuation funds offer members insurance benefits covering death and disability. These death or disability insurance schemes are a benefit on top of your superannuation contributions, and if successful in claiming death or disability benefit it’s important to note that the payment will not impact your superannuation balance.
There are many different disability insurance schemes, ranging from income protection, mortgage protection, trauma benefits insurance and sickness and accident insurance, which may provide insured benefits to persons with injuries and chronic illnesses, such as the Incolink Scheme exclusive to workers in the construction industry.
In some instances, super entitlements can also be released early for permanent incapacity, financial hardship and specific compassionate grounds such as medical treatment or mortgage repayments.
Disputes can arise because insurance definitions differ from fund to fund and policy to policy. This is why it is important to engage an experienced superannuation & insurance lawyer to assist with your claim. Disputes about the release of a superannuation balance can also be common because the benefits are paid according to the discretion of the ‘trustee’ of the fund.
How can Nowicki Carbone help you?
Our superannuation & insurance team can provide you with the knowledge and expertise to advise and act on your behalf in determining whether you have an entitlement to benefits and assist you in pursuing a claim.
In some circumstances, disability insurance will not cover resignation or termination of employment, other than by reason of injury
Contact our office on 1300 INJURED or submit an online enquiry for a free no obligation consultation.