Australia’s superannuation industry is a billion dollar business, focused on protecting our financial futures. In Australia, we are fortunate that superannuation is generally a compulsory contribution that all employers must make on top of an individual’s normal gross earnings.
Superannuation contributions not only provide you with a nest egg for your future retirement, but may also provide you with weekly and lump sum insurance if you cannot work because of injury or illness. This is commonly known as Total and Permanent Disablement insurance and income protection insurance.
Unfortunately, if an employer fails to make contributions on your behalf, this can have a number of critical consequences to your financial security.
First, you are being robbed of hard earned money that should be contributed by your employer to provide you with a level of financial security in your retirement.
Second, depending on the insurance contract your superannuation fund has taken out on your behalf, you may not be covered by the insurance if you become unable to work due to injury or illness.
Most superannuation funds contain strict provisions that provide you with insurance cover only if regular contributions are made by your employer and if a certain balance is maintained. If your employer doesn’t make regular contributions, you may not be covered.
Here are 4 things you can do if your employer fails to make these compulsory contributions to your superannuation fund:
- Double check with your superannuation fund when the last contribution was made by your employer;
- Speak with your employer and ask why the contributions haven’t been made;
- Contact your superannuation fund and confirm that you are still covered for injury, illness or sickness given your situation;
- If you cannot resolve the issue with your employer, lodge an enquiry about your unpaid super with the Australian Taxation Office.
If you are unable to return to work due to sickness, illness or injury, contact Shine Lawyers’ Superannuation & Life Insurance experts to ensure you get the justice you deserve.