Finding lost super important for illness

Returning lost superannuation benefits people not only in retirement but also those who may have suffered a serious illness or injury, according to Maurice Blackburn Lawyers.

The law firm said lost super and underpaid super remained key issues that affected many Australians.

Maurice Blackburn principal, Kim Shaw, said: "Unlike regular super accounts, no death or disability insurance cover is provided in lost super, which means members and their families cannot claim if they die or cease work due to injury or sickness".

Related News:

"We have acted for many people who have discovered that they are unable to claim only after their account balances have been transferred into lost super," she said.

Shaw noted that it was important that lost super was returned to an active super account and not just any super account as many inactive accounts had their balances eaten up in fees.

"Therefore, we also call on any federal legislation introduced to address these issues to ensure that active accounts are prioritised for the distribution of lost super," Shaw said.

Related Content

Aussies not aware of SG threshold

Less than one-in-ten Australians are aware of the $450 superannuation guarantee (SG) threshold including eligibility for receiving super payments, acc...more

Industry united behind higher super objective

The superannuation industry appears to have united in telling the Government that it has set the bar too low in seeking to establish an objective for ...more

Time to pursue permanent merger rollover relief

The superannuation industry has been told it is time to press the Government for permanent fund merger rollover relief.In an analysis published this m...more



Add new comment