SUPERANNUATION

SUPERANNUATION CLAIMS

Superannuation lump sum compensation claims and Income Protection

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Many superannuation policies contain an insurance component. This is insurance which may be payable in circumstances where you have suffered an injury or illness which has rendered you unfit for work and unable to earn an income. Not all superannuation policies contain an insurance component, and so it is important to familiarise yourself with your policy and what you may be entitled to in case you become injured or suffer an ongoing illness. If you are unsure if you have insurance, this is something Mr Wolf Legal can check for you.

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Mr Wolf Legal conducts Superannuation insurance claims on a No Win No Fee basis with capped fees. The two most common superannuation insurance claims are Total and Permanent Disability claims and Income Protection claims. It is important to know that TPD and income protection payments are sums of money distinct from your accrued superannuation. Making a TPD claim, or an income protection claim is not in any way a claim for early release of your accrued superannuation.  

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Total and Permanent Disablement Payment (TPD claim)

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This is a lump sum payment payable, ordinarily, in situations where you have lost the ability to perform an occupation for which you were qualified for by way of education, trade and/or experience. The payment can be significant depending on your individual policy.

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The requirements to submit a TPD claim vary depending on the Superannuation fund. Ordinarily, you will be required to submit, in prescribed forms, one to two medical reports which state that you do not have a capacity for employment. These forms must be completed by a qualified and registered medical practitioner. You will also be required to submit, in a prescribed form, a ‘member statement’. The member statement seeks further information from you about the nature of your injury or illness, your ability to perform your occupation, and the impact of your injury or illness on everyday living and recreational activities. We will complete this statement on your behalf.

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The value of your TPD is the insurance cover as at the date that you lost your capacity to work and not the date that you make the claim. The claim process will usually take approximately 4 months and it is for that reason that we recommend you engage a lawyer early.

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The receipt of a TPD payment does not reduce WorkCover or TAC weekly payments however it does impact the weekly payments for individuals under the Comcare scheme. The receipt of a TPD claim will not reduce any common law damages payment you may receive.

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Each definition of TPD is different, depending on the Superannuation fund that you are with and the year that you joined. It is important that a TPD claim is lodged by a lawyer because:

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• The policies are lengthy and detailed legal documents which are not easily understood by the lay person;

• Most policies will contain exclusions and it is important to know whether those apply to you before you commence the application process;

• If the claim is denied, your appeal rights are limited to the material you submitted in the TPD application; and

• It is common for Superannuation files to be subpoenaed in personal injury claims, so it is important that what is said in the TPD claim process is entirely consistent with your personal injury claim.

Income Protection

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Income protection will compensate you for a percentage of your pre-injury income if you sustained an illness or injury which prevents you from working. Ordinarily the payment is a weekly or monthly payment and for a specified period only. There is no requirement for the injury or illness to be caused by work. Each policy is different however the process of making a claim is straight forward and is ordinarily determined quickly.

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If you are in receipt of WorkCover weekly payments, Comcare weekly payments, or loss of earning payments from the TAC then an income protection payment will reduce your weekly payments of compensation.