Financial advice and products are regulated by the Australian Securities and Investments Commission (ASIC). This includes the pension entitlement which currently is offered to those aged 67 and older. As we unfortunately heard in 2014, the government wants to push that age of eligibility back to 70 by 2035. With such an important entitlement being dangled in front of you, it's essential to have some say about putting your superannuation policy in the right place.
But isn't the government supposed to reward hard workers?
On the bright side, the Turnbull Government began drafting legislation to increase flexibility in super providers in 2015. "It doesn't make sense to force employees to save money in superannuation, but then leave key decisions about how it is managed outside their control," Minister for Small Business and Assistant Treasurer the Hon Kelly O'Dwyer said. "The changes will ensure that Australians are able to better understand and compare the performance of superannuation funds across the industry, to see where their funds are invested and have greater ability to switch funds, if they choose to do so."
"It doesn't make sense to force employees to save money in superannuation, but then leave key decisions about how it is managed outside their control." What O'Dwyer was referring to is how important it is to keep the costs of insurance and administration fees down when selecting the right super package. The downside is that while flexibility in your choice of provider is wonderful, none of these providers should be able to keep eligible people waiting for their super for an unreasonable period of time.
I never knew personal injury lawyers could help me get my entitlement
We are committed to making people aware of entitlements which can ease the financial burden. Gerard Malouf & Partners' compensation lawyers will represent you in legal action if you suffer economic loss if a provider doesn't do what it should. Because the Workers Compensation Act in various states may not factor in an allowance for ongoing weekly benefits to compensate for the government moving super away from retirees, GMP will use our forensic accountancy expertise to calculate future economic loss beyond 70 years of age. These calculations are made based on the genuine anticipation that you as the client would have worked long into the future, filling up the super cup. Because we care, we offer our super compensation services on a no win, no fee basis, and Gerard Malouf is personally available to resolve any dispute. You can't go wrong with our 90 day free trial.