Finding lost super important for illness

14 February 2017
| By Jassmyn |
image
image
expand image

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".

"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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

The Reserve Bank of Australia (RBA) has warned that significant liquidity pressures could arise in the superannuation sector if multiple risks materialise at once, potent...

11 hours ago

UniSuper’s investment strategy in decarbonisation remains firmly rooted in economic viability rather than political shifts, according to its chief investment officer....

12 hours ago

The $91 billion fund has doubled down on its data security, alongside enhancing its investment strategy, with two key appointments....

12 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND