Why would I need a superannuation lawyer?
Superannuation funds are complex products, and making a claim can be a protracted process; this is complicated even further for those holding more than one superannuation account.
There are three main times when you may want to engage the services of a superannuation lawyer.
- You wish to make a claim on an insurance policy provided by your superannuation fund
- You want to withdraw funds from your superannuation fund prior to retirement
- Your relationship has broken down, and your assets, including superannuation fund, need to be divided between you equitably.
Superannuation lawyers will review the detailed terms and conditions of the superannuation fund(s) that you have, along with insurance policies purchased, and make an informed decision on the options available to you.
With most superannuation funds, insurance is available to protect you or your beneficiaries in the event of death or disability; unfortunately, not all claims are successful and you may need to enlist legal assistance in order to progress your claim further.This is the most common scenario for engaging a superannuation lawyer, who will review the terms and conditions of the insurance policy that you are challenging, assess the basis upon which you are making a claim and, if they believe the claim is legitimate, will pursue your claim for you.
A superannuation lawyer can also provide this assistance if you believe that you are entitled to withdraw from your superannuation fund but your request has been denied.
Who pays for superannuation lawyers?
Due to the requirement for all working Australians to have a superannuation fund, the market for litigation in superannuation matters is healthy and competitive. If you wish to enlist legal assistance, you will need to pay for it, and this is particularly true of cases where the relationship has broken down and the assets are being assessed prior to distribution between the parties.
With regard to claims on superannuation insurance policies however, there are a large number of superannuation lawyers who are prepared to work on a ‘no win, no fee’ basis. These lawyers will review your case in detail, to determine whether they consider it likely that it can succeed, and will take on your case if they consider it to be viable; the lawyers take their fee directly from the payout that you receive as a result of their work on your behalf.
Superannuation lawyers will become involved in the dissolution of a relationship, where the superannuation is considered property that can be divided, but the costs for this service will be taken from your combined assets.
Superannuation lawyers are generally employed however to assist people to pursue a claim for death or disability insurance that has been declined, or to applying for funds from their superannuation account, and these lawyers are freely available on a ‘no win, no fee’ basis.