Saturday 7 February 2015

Superannuation $dramatics

David's super fund knocked him back on his getting out $10,000 on his super under severe financial hardship. I can't believe it. I never had any problems with my fund. He's with HESTA and I'm with Australian Super. All I had to do with mine was fill out the form and provide ID, and I had the money in days. HESTA wanted copies of actual bills, bank statements, even a statuary declaration. 

The problem they had was the bills are in my name, which I don't see why is a problem at all. I'm on his pension card and he's on mine as a recognised Centrelink couple. The bank statements showed all his money was transferred into my account and to the credit card. Our finances are shared obviously. So what possible reason would they have to deny the application?

Anyway so we went online and set up an account for him at my fund Australian Super, and did another thing to roll over everything he's got in HESTA to Australian Super. I doubt he'd have any problems getting the money from them as I never did. What a fuckin hassle though. He told them that I never had any trouble at my fund and they simply said different funds have different rules. Well I know for a fact the only criteria required by legislation is that you're on benefits for 6 months, still be on benefits when you apply, and of course if you're on benefits it's obvious you can't reasonably pay bills like Sydney rent for example (even though Housing says it's "affordable"). 

So it's HESTA's loss in the end I suppose. The entire $63,000 he has in there is now going to Australian Super. 

It all takes time though to do this. Once the money's in there then we have to go through the whole application thing with Australian Super, which although they're prompt it still takes a few days. Meanwhile we've run out of money. Spent this weeks rent on surviving and we don't get any more money until next Tuesday when David gets his $470 Newstart payment. Which $380 of that will have to be used for this weeks rent we've spent. 

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