Topic: Superannuation Schemes

A miscalculation of the benefit to be paid when a superannuation scheme was wound up caused stress and inconvenience

Sam wanted to keep his super funds in his New Zealand employer’s superannuation scheme after he left his employment and moved back to the UK. However, he then noticed his funds had been deposited into his bank account.

You want to withdraw money from your superannuation fund to put towards the purchase of a section for you first home. The fund’s trustees release too much money – are you obliged to pay it back?

Polly calls her super fund manager to request a withdrawal of $4,500 to cover her for a week she is without pay and for plumbing work. Polly understands she will definitely receive the funds and books in the plumber, but then finds out the funds will not be released.

In 2012 Sam was discharged from bankruptcy. Sam was a member of a superannuation scheme and at the start of the 2015, the scheme’s trustees paid Sam’s superannuation to the Official Assignee. Sam had previously been told by the scheme that the trust deed protected his superannuation being passed to the Official Assignee. Sam wanted the superannuation scheme to reimburse him for the amount that had been in his superannuation, $68,263.58.

You suffer an injury and are unable to return to your previous employment. Your work superannuation scheme provides for a total and permanent disability benefit. What do you need to do to claim a total and permanent disability benefit and does the superannuation scheme have to pay interest for the time you have been waiting for the benefit?

David was a member of a superannuation scheme. The scheme trustees announced that members would receive additional insurance and the trust’s reserve funds would be used to pay the premiums.

Sonny put in a withdrawal request for part of his funds in a superannuation scheme.

Can superannuation funds be withdrawn to fund the building of a home on land you already own?

Trustees declined first home purchase withdrawal because the home was tenanted and the purchasers could not move in immediately