Law Blog

dormanlawad-728x90-banner-v2-ani

Everything You Need to Know About Superannuation

Law
SHARE
, / 396 0

Superannuation is a regular payment made into a fund while you are working so that you can receive a regular income after your retirement. By the terms and conditions of most employee agreement, the person who employs you needs to pay a small percent of your wage to the superannuation fund. This is called as the superannuation guarantee and is considered as an extra portion of your income. Based on your eligibility, you can attain various benefits from the superannuation.

Before superannuation was made mandatory, a person’s retirement income mostly depends on individual savings, investments and government pension schemes. But with the expansion of aged population, the Australian Government began to face a lot of financial challenges. In order to reduce the stress on Australia’s aged pension schemes, the superannuation is introduced as a compulsory method to force all the workers to set some money aside to support them later in life when they retire.

Superannuation is not only meant for making your life more comfortable after your retirement but also to support you in case of disability or illness. This is because other than the fund paid by your employers towards a future pension; you also have an insurance coverage under Total and Permanent Disablement (TPD). In addition to that, superannuation offers asset protection for businesses in case of bankruptcy. Keep in mind that you can obtain hundreds of thousands of dollars due to these benefits. Most people do not have any idea about their rights, the situations in which they can obtain benefits from the superannuation and whether they are eligible to make a claim.

What can a superannuation lawyer do for you?

  • Superannuation lawyers in Perth are specialized in the category of superannuation and the disability laws. They have high knowledge about the insurance policies that you might not be aware of.
  • If you have several funds on your name, you could have an insurance cover from each of your funds. And the superannuation lawyers in Perth would find if you have the potential to make claims.
  • If you have been rejected by an insurer, you might not know what to do next. Rather than giving up, contact a superannuation lawyer in Perth WA. He/she can help you challenge their decision and help you attain everything you deserve.
  • If you want to gain access to your superannuation early on, hire a superannuation lawyer. He/she might be able to get you money when you require it the most.

On the whole, superannuation lawyers can explain to you how the insurance aspects of the superannuation work more clearly and help you determine whether you are qualified to make a claim.