What they do not tell you about accessing your super
Well, it's been an interesting day.
I've spoken to my super fund several times in the last couple of months about accessing super on the grounds of financial hardship. The information I was given was that once Centrelink confirmed I was eligible I would be able to lodge a claim.
What I was not told, at any time, was that they will only release enough to cover debts that are currently in default--that if you are foolish enough to borrow money from friends or family to cover expenses such as rego, power, water, rates etc. you will not be able to make a claim. That money suddenly becomes a personal debt rather than a living expense. Even if you can demonstrate that your immediate living expenses are higher than your income, you don't qualify.You actually have to wreck your credit rating and get disconnected from services before there is any chance of getting hold of your money.
So, if you are intending to attempt to access your super in the foreseeable future do not borrow any money to cover any bills that are overdue until you are certain you are doing the right thing.
I am furious. I've been escalated up the line of management, all of whom have apologised profusely for the oversight. The calls have been recorded, so there is no question about what information was given to me. We've had a little listen to them to make sure. There is also no redress--it's just too bad. They will improve their service delivery, so I am told. Like hell they will, the parasites.
I'm gong to do the whole letter to my MP thing, but the legislation is the legislation and there is no getting around it. This also applies if you want access on compassionate grounds, you must be in default to the service provider and the bills must be unpaid.
Of course, you should check with your fund to make sure, but you now have some idea what you should be asking. I suggest you ask some very pointed questions because there is no way they will tell you what you need to know otherwise.
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@Zoffiel what a crock of shit! It never fails to amaze me how hard they make it to get money that is actually yours. I have read about some horrible experiences of people trying to access their super even if they are terminal. I don't think you should have to jump through hoops to get it and if you already have, and been told you can get it, get stuffed around even more. Feel very angry on your behalf so I cant imagine how angry you must be!!1
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I am feeling extremely shouty, @kiwiangel. Thankfully the stabby phase has passed--that is quite exhausting.
Interestingly, I just had a phone call from one of the head honchos tendering yet another apology along with a suggestion that, having reviewed the recent conversations, there may be some scope for 'special circumstances.' What ever that may mean.
Basically I think that his concern over their own circumstances eclipses any worry about mine. I do a nice line in ice cold interrogation, documentation and complaint generation. I've been instructed to write a letter and send evidence of my last few months expenses for his consideration. The really interesting term that was used in this conversation was 'business rule' as opposed to 'legislation' They aint the same thing. At all.
My battle undies are now pulled firmly over the top of my superwoman costume, I've had a good yell at the furniture and I'm ready to roll. This could be about to get very interesting indeed, particularly if I have been given some seriously misleading information.
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@zoffiel business rule and legislation imply 2 very different things. Im sure you will sort them out!!1
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Isn't that interesting, @joannie. I didn't know that. I'm now over 55, by ten days. Yet another conversation that should have been had when 4 of the shitheads asked for my date of birth to confirm that they were actually speaking to me, not some scamming doppleganger, though I suspect that I might be in a different age category to you ( I think there is some sort of sliding scale according to when you were born) and I may have to wait a couple more years. I will certainly be asking about it. Thanks for the thought. Mxx0
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Yep, 56 for me. That's OK, but it should have been mentioned ***note to self, no shuffling off the mortal coil in the next 355 days**
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I was diagnosed a couple of weeks after I was made redundant so, as I didn't have a job, I couldn't access my insurance. That was really perplexing--Centrelink told me I had an income, the insurance company said I was unemployed. It would have been nice to be receiving 75% of that wage. Very nice. never mind, yet another thing beyond our control.0
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@Zoffiel, I tried accessing my super once i was diagnosed with metastatic, i though i can pay of the debts and spend some money on sprucing up the house and go on a holiday with my husband, you know enjoy the money before i am gone. My oncologist filled out all the forms and did everything possible to help me get the money which belongs to me.........There "doctors" said claim denied........WHY? a terminal illness has to have a lifespan f less than 1 yr...... I said to them well i am terminal and i hope i get to live longer then 1 yr , i hope i live 10 yrs and more.
So even though the money belongs to me and now i keep paying fees on it so each year it gets less and less, i am not enititled to pull it out. Eventually by the time i have left my husband will be left with nothing. Ridiculous. That and private health cover....Dont even get me started on them haha.1 -
Frustrating bullshit. Why don't they speak english? My mortgage started to slip a bit over last year (no idea why LOL) so I rang the Super company, explained the situation.........Nope, just flat out no, Too young. Possibly if my house was about to be repossessed and sold they would look at it. WTF.
Then I ring the bank. Sure they will give me 3 months mortgage relief. I questioned the person on the phone about whether they were going to extend the loan to cover the accrued interest for those three months and made it perfectly clear I could not afford the repayments to go up. Period.
Well short version 3 months is up and guess what so are the repayments by and extra 100 a month to cover the arrears. I ask to fix the interest rate to lower the repayment..this is a long standing battle I have with them as it is a low doc loan due to being self employed/farm. Nope.......we no longer service low doc loans. This is not the first time I have had this conversation but I keep trying my luck with different people. By the end of the conversation, I say to the guy on the phone (who had been running backwards and forward to the powers above) so your telling me I now have to be at the mercy of variable rates forever. "Yes, now is there anything else I can help you with? Have a nice day' Lots of shouty swear words. Oh and by the way my loan now sits in arrears from the three months of not paying (they didn't tell me that one) so I can't even get it refinanced. Rock...hard place!1 -
That is SO UNFAIR, @Zoffiel - after all - it is YOUR MONEY (paying THEIR WAGES, I might add!!) It is fucking ridiculous! Well done on recording the conversations - and I hope this 'next bloke' will come up with some sort of compromise that gives you access to your own money!
@Pebbz1981 - that is a shocker as well!
Terminal is terminal is terminal - how do they not understand that?
All this 'legalise' is just SO ANNOYING and designed to perplex!
As @kmakm said ...... SIC 'EM!
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