New super laws mean you need to check your insurance
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Shane Hempenstall was working as an interstate truck driver when he was struck on the head and suffered a brain injury that caused him to become totally and permanently disabled (TPD).
Before the accident, his employer Scott Group had signed the 58-year-old up to an MLC superannuation fund which claimed to have a TPD payout of about $130,000.
However, when Hempenstall applied to receive this money after his injury, after having his disability verified by doctors, MLC declined the claim. The policy did not cover interstate truck drivers.
New super laws mean you need to check your insurance
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New year, new super changes
New year, new super changes
As a host of changes to super kicked off at the start of the new financial year, industry and government squared off around who the new reforms might benefit.
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As of 1 July the super guarantee rises to 10 per cent of workers’ base salary, with industry fund advocacy group Industry Super Australia touting its benefits for younger employees in particular.
“In total Australians will get an extra $1.5 billion paid in super in the next 12 months,” the group said.
“Half of the extra super payments – about $784 million will go to those under 40 – and more people in their 20s will get a super boost than any other age bracket. The extra contributions will help young workers recoup the savings they lost after they were encouraged to raid their super to support themselves through the coronavirus downturn.”
New year, new super changes
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