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QLD Superannuation and TPD Insurance Issue?

Discussion in 'Superannuation Law Forum' started by brett ellwood, 10 May 2016.

  1. brett ellwood

    brett ellwood Active Member

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    Hello,

    I have found a lost superannuation & with this superannuation has TPD insurance. In 2007, I was injured at work & was classified as TPD & was paid out by my the superannuation account I held at that time & I have not worked since the injury. The lost super that I have found with the TPD I put a claim in the account was active at the time of my injury 2007.

    My question is at the time of my injury, the TPD was worth 180k. It is now 2016, the superannuation company sent me a statement saying my TPD is now only worth 70k which is the TPD if I was to inger myself today because of my age. Is the statement they sent me correct?

    I have looked at the conditions of their TPD insurance but I cannot see any info about my question. Your thoughts would be gratefully appreciated

    Cheers
     
  2. Smiley

    Smiley Well-Known Member

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    Put in a claim. Your current TPD benefit is irrelevant.

    It is the TPD benefit at your "date of disablement" that led to you being TPD that is relevant. What ever that date is, let's say 01/01/2007, then the value of TPD you held at 01/01/2007 is the amount payable. You should be aware that the definition of TPD is different between companies (similar but different) and an approved TPD claim on one superannuation fund may or may not mean a TPD claim will be approved on another.
     
  3. brett ellwood

    brett ellwood Active Member

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    Thank you, smiley, for your reply. When I found this lost super in 2016, I looked at there tpd age to benefit. This is how I came about the final value. I then become an online member, then I asked for statements.

    Now does this sound strange or not? Take into mind this is now back in 2007. The tpd statement in 2007 for tpd was 70k in 2006 there statement. Said tpd is 44k. I thought the older you get the less, the benefit. Isn't that back to front?
     
  4. Smiley

    Smiley Well-Known Member

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    Hi Brett,

    It seems normal. It depends on how old you are as per when the value of TPD starts to decline. Whilst you are young it will increase in value. When the value of TPD increases or declines differs from insurer to insurer.

    There could be many many reasons why your TPD value went up. Too many to list. A good start if you are concerned about the TPD value is to ask for the relevant insurance PDS that was effective as at 2007 (my emphasis). Review the insurance PDS and there will be a TPD table / scale that will advise the value of TPD per age. EG age 45 TPD is X, age 46 TPD Y so forth.
     
  5. brett ellwood

    brett ellwood Active Member

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    Thanks Smiley for the above info.

    I have asked the insure for above info thanks to you. As for the answerer the person on the phone said they could not send that to me at this time but I half expected that they have asked me if the date that my doctor said I was totally unfit for work is correct.

    Another question if you read this or another person out there might know the answer. When I had my injury I was put on light duties then said no I cannot work it took 3 months for the company insurance to except liability so I sat at home waiting for an answer using up my holiday pay then it ran out & had to return to work on light duties two weeks later the insurer excepted liability so my holiday pay was reimbursed so with out sounding stupid if the insurance excepted liability did.

    I really have to go back to work & the day I started using my holiday pay waiting for an answer from the insurance company be really the last day I worked if that makes any sense

    Cheers
     
  6. brett ellwood

    brett ellwood Active Member

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    Hi, again.

    After reading all my medical notes, the company insurer's official doctor had noted in his report that at the time (his words now), "Brett had the capacity to work nether the less. He is considered unfit to undertake his employed duties."

    This is another or a major reason why I sat at home for two or so months using up my holiday pay as wages until the insurers accepted liability which they did. Could that be the date of my last day of work?
     
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