Forum Discussion
Superannuation
Hi All, Just venting my frustrations, for two days I have emailed the super I have like many of others have about trying to access some of my super to help out with the incoming house hold bills mortgage ect. We all know firstly being diagnosed one tends to go into shock, then the realisation of appts, surgery , all else that comes our way. Then all of a sudden the reality of when one has ceased work for now one wage carrying the burden of which I am lucky as there are others on there own of which I feel for. Anyway I have to be dying or dead of which what good is the mulla then, of which I am alive today and the bills don't go away, I have asked for all superannutions have a policy for people who for unforeseen illness comes out the blue, to have access to there super . I was suggested Centrelink well nothing against Centrelink when you need it and are genuine , I replyed would you stand in line for hours, talk to ten different people of whom know nothing about what you need , then fog you off to the next person so on and on. Telling complete strangers your private business then comes all the forms to go over the same thing all the stupid questions ect. No one should be put through all this no need rigromole of the humiliation , shame, of the red tape. Why can't there be a policy put in place to access ones super , a doctors letter for evidence of the illness. We would like to keep our dignity and be treated with the up most respect , I was told try for Compassionate Leave ect why when the government say we all pay into super then when it's needed why can't we access it atleast that the bills ect are getting paid and we can contstrate on getting through this rocky journey without added stress. Any other suggestions let's try and fight for proper policies put in place for people and families to aleast lessen the burden of some sort. Shazx
77 Replies
- Great advice @Nadi I think that is peoples best bet is a financial counselor to help with bills and mortgage etc., MOST Superannuation Funds DO NOT have income Protection built in, you have to do the homework. I have 2 and it was purely by chance after I exhausted ALL avenues of financial assistance due to being unable to work I rang my 2nd fund VICSUPER if you are in the Education Sector know as they don't advertise it, they have inbuilt income protection. If it werent for this, I would have been screwed big time. Otherwise you have to be terminal or destitute completely to get any assistance from Super. Ludicrous, so much needs to change....especially when I heard the other day that Breast Cancer is the NO. 1 highest diagnosed each year!!!
- I too didn't have income protection insurance as part of my super and it was such a struggle while I was off work. Guess I should have taken out private income protection insurance when I was younger but honestly, I don't know how many people do this or can afford to do this, just general health insurance is expensive enough. I also wanted to say if anyone is having trouble paying bills contact Financial Counsellors Australia. This is a free service and they are fantastic at letting you know how to reduce or pause mortgage payments, get reductions in electricity, phone, gas, car loans etc without wrecking your credit rating. They will do it all for you. You can google their number if you are interested.
- So it's got me buggered how the young fella in the article I posted got to claim his super since they are supposedly so bloody strict with claiming it. Margie
- And no income protection for me unfortunately like i thought I had. Margie
- Ellie These are the ones from the link you put in your post for compassionate grounds :-
- Pay for medical or dental treatment for yourself or a dependent or pay for transport to the treatment
This can only happen if you can't get your treatment through the public system which we all know you can and there is a km minimum that you have to meet and although it took me sometimes an hour to get to my treatment due to traffic it was under the km limit so you can't claim- Prevent your home from being sold by the lender that holds the mortgage
Modify your home or vehicle to make it easier for you to manage everyday activities and be as independent as possible
this might be possible but I didn't need it and I bet there is criteria you have to meet first- Pay for palliative care for yourself or a dependent with a terminal medical condition
You can do this but you must be terminal and have Drs letters to say you have two years or less to live. But if you live past the two years there's no penalty. And with any type of cancer there's no guarantees it won't return is there and I hope it never does for me or anyone but because no dr will give you a letter like that unless They are sure this is going to happen you're screwed- Pay for expenses associated with a dependent’s death, funeral or burial.
I hope I never have to claim for this one. Hope this clears things up and helps anyone out
I'm going to check my super again for that binding non binding bullshit too
Margie - I'm in the middle of getting paid through my super annuation , I had to wait 90 days without pay, and then I'll get 75% of my wage ( which is better then nothing) it should come through on the 19/10, the HR at my work have helped me organise it, there is an income protection provision in my super . Maybe check for that in your policy .
- Hi there Ellie. You can only claim compassionate grounds if you are diagnoed as terminal unfortunately. Trust me I've tried and so have all o us who don't have income protection etc. . And I've contacted the cancer council and really not much they can do. You only really get help with financial hardship if you get a centrelink payment and the help doesn't come from them personally they just refer you to a third party and you just have got get extensions or payment plans sorted yourself and a lot of us have a partner who works so we can't claim anything. Thanks for your input though it's appreciated. ❤️
- Hi @HIT
I had a quick look on the net and found the words I had in my mind (which would not come out at the time !!) - these were as per the post @iserbrown - 'binding', 'non-binding' and 'non-lapsing-binding'. These relate to what happens with one's superannuation at the time of death.Binding nominations. If you make a binding nomination, the trustee of your super fund is required, by law, to pay your benefit to the person/s you have nominated when you die, as long as the nomination is valid at the time of your death. Binding nominations generally only remain valid for three years.
A member can choose to make: 1. A Binding Nomination: The Trustees MUST pay the death benefit as nominated. 2. A Non-binding Nomination: The Trustees have the discretion to follow the stated wishes of the member or direct the entitlements to another person (or persons) or pay the entitlement directly to the Estate.
A Non Lapsing Binding Death Benefit Nomination is a death benefit nomination made to the trustee of your superannuation account that does not have an expiry date.
Hope this helps.
Summer :-)
- Hi all
With one's super there are two specific types of beneficiaries - one is just the usual and the other ongoing - I am sorry I cannot remember the words. Policies usually say the board has the final say so you need to ensure you have the signatures on the correct lines !
If the legal wording comes back to me I will add to this post. (Sorry - another senior's moment for me).
Summer :-) - it is probably a good idea to check out your superannuation policy.
The jargon goes into binding and non-binding nominations.
Here's a link to one of many sites that you may benefit from exploring:
http://www.superguru.com.au/manage-your-super/accessing-super-in-tough-times
Cheers
