Superannuation

There are three grounds on which people living with HIV/AIDS may be able to have early access to their superannuation –

Total and Permanent Disability (TPD)

If you become TPD, you are able to claim your superannuation early. Most superannuation funds have a TPD insurance component attached. Usually a part of your superannuation has been used to pay these insurance premiums, so you are likely to have additional insurance you may be able to claim if you are TPD.

The definition of TPD is based on the wording in each individual policy. However a common sense interpretation will give you a good idea of whether you might fit within the TPD definition.

In order to fit the definition you must be both totally and permanently unable to work. If you are only partially unable to work, or if you are likely to work in the future, then you do not fit the definition. Such a claim is based on medical evidence, so the first step in any claim is to approach your doctor and get their opinion on your work capacity both now, and in the long term.

Financial Hardship

Some superannuation policies allow you to make a claim for early release of your superannuation on the grounds of financial hardship. You should check with your superannuation company to find out whether your fund allows for financial hardship claims. If you have more than one superannuation policy, and you wish to make a financial hardship claim, you may wish to consider rolling-over all your funds into the one that allows financial hardship applications before you make your claim.

In order to qualify for financial hardship you must be able to produce a letter from Centrelink stating that you have been on social security benefits for at least 26 weeks.

Superannuation companies are able to make payments of up to $10,000 per annum for financial hardship claims. Claims are more likely to be successful if you can show that you require specific amounts of money for specific purposes, rather than simply requesting $10,000. It is advisable to collect records of any debts or expenses you may have in order to support your claim.

Compassionate Grounds

The Australian Prudential Regulation Authority (APRA) will allow early release of superannuation on specified compassionate grounds. You must be able to show that you either have expenses related to palliative care or the care of chronic pain or illness for yourself or your partner that is not readily available in the public health system, or you must be able to show that your mortgagee is threatening to foreclose on your mortgage.

In order for APRA to process your claim you must be able to produce a letter from Centrelink stating that you have been on social security benefits for at least 26 weeks.

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