Can I access my super if I have an injury?

You may be able to take your super out early if you have an injury that prevents you from working. Here’s what you need to know.

If you have an injury or medical condition that prevents you from working for a period of time. you may be able to take your super out before the preservation age. However, the criteria you need to satisfy and the process to unlock your super will largely depend on whether your injury is a result of temporary incapacity or permanent incapacity. 

How can I withdraw my super due to temporary incapacity?

If you are unable to work temporarily due to a mental or physical injury, you may be able to access your super in regular payments during the times you are unable to work. 

Each super provider has a process in place for you to access your super due to temporary incapacity. You may need to provide supporting medical documentation to substantiate your claim. A personal injury lawyer can go through the requirements with you and assist you to lodge your application.

How can I withdraw my super due to permanent incapacity?

In the event that your injury results in permanent incapacity, you can access your super as a lump sum or opt in to receive regular payments instead. 

Also known as a ‘disability super benefit’, to release your super as a result of permanent incapacity, you will need to satisfy the following criteria for your super provider:

• You have a permanent physical or mental condition;
• You are unable to ever work again in the job you were qualified to do;
• Two medical practitioners have certified your permanent incapacity.

How much of my super can I withdraw?

When withdrawing your super as a result of an injury, there are limitations on what part of your super you can access. 

When withdrawing super as a result of a temporary incapacity:

• You can only access insurance benefits linked to your super account. 

When withdrawing super as a result of a permanent incapacity:

• There are no limitations on the type of benefits you can claim from your super.

Nevertheless, there may be other implications as a result of withdrawing your super due to injury, including forfeiting any future compound interest. It’s best to consult a personal injury lawyer to inform yourself of any limitations or future implications before initiating the application.

How much super do I need to retire at 60?

Planning for the future is important and withdrawing your super early due to injury can change your plans drastically. Speak to a personal injury lawyer and find out about your options so you can make an informed decision.

Get in touch with Masselos & Co Lawyers today for a free consultation and keep your future on track.