Whether you are working or nearing your retirement, you know how important it is to have all your assets in the right place. A poorly placed investment might mean you don’t have enough money when you retire, or worse, it could mean that your employer isn’t handling your pension fund correctly. If this sounds like something that concerns you, hiring an experienced superannuation lawyer Perth can help you ensure that your retirement will be secure and worry-free.
What is a Superannuation Fund?
In Australia, superannuation is a compulsory system of paying a minimum percentage of your salary into a super fund to support your financial needs after retirement. But, it’s essential to know that superannuation funds are complex legal structures with different rules and regulations depending on whether your fund is industry or public sector, how it’s regulated, and if it’s an open or restricted fund. Only by understanding what makes up your fund can help you understand how to manage it. A superannuation lawyer Perth helps you handle all facets of Australia’s strict regulatory environment when it comes to handling your retirement savings.
How Does Superannuation Work?
From the moment your start earning, your employer should start contributing to your super fund. Since your employer pays a compulsive some of the money into your superannuation fund, say 10% of your income, your savings should grow. In addition, you can also add more money to your superannuation fund, choosing the options that work before or after-tax contributions. Moreover, your superannuation fund comes with different types of insurance coverage that gives you access to the fund when you are unable to work due to an illness or injury. After your retirement, your can transform your super account into an income account that gives you a regular income in retirement.
When Can You Access Your Superfund?
Your superannuation benefits are subjected to some withdrawal rules to protect your entitlements.
Preservation Rules – Your superannuation benefits are preserved until you meet a condition of release. When you meet the condition of release without any cashing restrictions, the preserved and non-preserved benefits will become accessible to you.
Conditions of Release – The specific rules that allow you to get access to your superfund are,
- You can access funds when you reach your retirement age.
- Get access when you choose to make a transition to a retirement income stream, even when you are working.
- Special circumstances like COVID-19, temporary or permanent incapacity, medical condition, severe financial hardships, and more.
Who Can Help Me with My Issues Around My Superfund?
There are plenty of issues that you can face with your superfund, including complex legal problems. The good news is that if you need help, superannuation lawyer Perth can offer you guidance on how to handle your case.