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What is Superannuation?

    retirement
    05 July 2019

    Superannuation is money paid by your employer to a fund for you to live off when you retire. 

    Some of the common industry superannuation funds include:

    •    AustralianSuper
    •    CareSuper
    •    CBUS
    •    HESTA
    •    HOSTPLUS
    •    LUCRF Super
    •    MTAA Super
    •    TWUSUPER 

    What is TPD? 

    TPD stands for Total and Permanent Disablement. It is a lump sum insurance benefit that can be claimed through your superannuation fund if you can no longer work due to injury or illness.    

    How do I know if I’m eligible?

    To be eligible to claim a TPD benefit, you must:

    •    Be employed or working at the time you suffer an injury, or are diagnosed with an illness
    •    Be absent from work as a result of your injury or illness for 3 or 6 consecutive months (this ‘waiting period’ will depend on your superannuation fund’s insurance policy)
    •    Have TPD cover at the time you stop working

    Superannuation funds have different insurance policies however a typical TPD definition reads along the following lines:

    As a result of injury or illness, has been absent from all employment for a period of 6 consecutive months from the date of disablement and determined by the insurer to be permanently incapacitated to such an extent as to render him or her unlikely ever to be engaged in any occupation, business or profession for which he or she is suited by education, training or experienced. 

    To be successful for a TPD benefit, you must satisfy the definition of TPD under your superannuation fund’s insurance policy. 

    How do I make a claim?

    You can contact your superannuation fund to request the necessary forms to initiate a claim. For all TPD claims, your doctors are required to complete a questionnaire detailing your injury or illness, treatment and capacity for work. Without the completed questionnaire, your superannuation fund cannot start the assessment of your claim. 

    Other information that will be required when submitting a claim for TPD benefits includes details from your last employer and a questionnaire to be completed by you.     

    Can I do this on my own?

    You can make a claim for a TPD benefit on your own, but like any insurance claim, you may encounter difficulties throughout the claims process. In addition to the necessary claim forms, you will be required to provide further evidence to support your claim.

    Once your claim has been lodged with your superannuation fund, it is then sent to their insurer who assesses your claim and makes a decision. Throughout the claims process, the insurer may ask you for further evidence to assist them in the assessment. The process can take anywhere between 6 to 12 months from the time your claim is lodged. To remove the stress in claiming, it is advisable to engage a lawyer to assist you with the process.  

    You can contact our office today on (03) 8527 0200 to receive an obligation-free appointment to discuss your potential claim.