Accessing super while still working
Does anyone have experience with accessing their superannuation on terminal illness grounds while continuing to work in a reduced capacity? Is this allowed within the super rules, or do you need to give up work? Or are there no defined rules around this? Thanks for your input.
Financial difficulties
Hi everyone I was diagnosed in August with ILC and have only been able to work a handful of days since my diagnosis. Since I started chemo I've been hospitalised with a blood clot (DVT) in my leg, pneumocystis (PJP) and most recently Clostridium Difficle (C. Diff). I'v had severe fatigue from the chemo and have been an emotional wreck from this entire experience. I've been extremely lucky though that my employer has been so supportive and has placed no pressure on me returning to work and is open to me coming in on any day for however long I can just to keep in touch. They have also generously offered me one months pay ex gratia. My issue is that I have now exhausted all of my sick leave and have only a couple of weeks left of my annual leave but am not in a position mentally or health wise to return to work yet. Foolishly, when I was younger I never opted for income protection on my superannuation so I don't have this to fall back on either. I contacted my Super fund to ask how I could access some funds from my super to allow me a couple of more months before I had to return to work. They advised me that this was dealt with by the ATO with a request for compassionate release of super funds. I went through this process on line and even called the ATO but unfortunately I don't fit into any of their categories to be able to claim compassionate funds. You have to be unable to pay your medical bills (mine are all up to date), have a terminal illness (Stage 3 BC isn't classed as terminal) or be in mortgage foreclosure (which I'm not, but may end up there soon if I don't return to work). The ATO directed me back to my Super fund to ask for financial hardship payment. My Super fund advised that to claim financial hardship, I had to be receiving Centrelink payments for a minimum of 26 weeks. This whole process is so frustrating but is also adding to my stress levels and anxiety. I've worked hard for so many years to make sure I was in a good place with my financial situation but this has just been eroded over the last few months due to BC. I feel like the ATO and Super fund want me to be in complete financial distress before they'll assist but I'm trying to be proactive and avoid getting into that situation. Does anyone have any advice or suggestions? Does anyone know of any other avenues that can be taken to access superannuation?
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.
Superannuation
Hi everyone, I mentioned this on another post but thought it deserved it's own discussion. While I'm sure that everyone has examined their Super benefits, I heard of a new one recently. I was talking to a group of women about income protection and one of them mentioned that her Super has a trauma clause. Apparently, she is going to get a nice payout because of the breast cancer diagnosis and treatment as it is classed as trauma. I don't know how many Super funds have something like this but may be worth looking into. And for those who have a family history, it might be worth mentioning it to other family members.
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
Denied early access to my Super fund
Hi all Found out today I have been denied accessing my Super early as my onc refuses to sign the form. My life expectancy is 3-5 years. What is the point in having to wait until I'm on my deathbed to be granted MY money that I have been MADE to save all these years by the government? I am not coping well with this news, feel like the quality of my life is being restricted by beaurocratic bullshit. I had to give up my job because of the gruelling treatment, I need the money NOW not in my final days. interested in other's experiences and if there's anything I can do to turn this around. X