Superannuation schemes are investment accounts that are set up by employers for all employees. The scheme allows employee contributions to be made on a regular basis until the age of retirement, when the funds would then be made available. The trustees of the superannuation fund invest the funds in to a broad range of investments such as shares, property, government bonds and cash deposits on behalf of the employee. The rate of return on investments can vary due to changes in market forces.
There are two types of superannuation funds: those where the employer and employee both contribute funds to the scheme and those where the employer alone is the contributor. Both funds ensure that the money is held in trust for the employee, generally to have upon retirement.
Disclosure Of Disability
Employees need to be aware that an employer may make inquiries, assessments or examinations or do any act that is reasonably necessary to decide:
- any superannuation that the employee may have; or
- any distinction, exclusion or limitation to superannuation that is reasonable and lawful under Section 46 of the DDA.(1)
Employees with a disability need to consider their options when disclosing a disability on superannuation forms.
Superannuation funds have their own specific requirements, with some funds not requiring medical or disability information whereas other funds may require disclosure of existing or pre-existing conditions.
If the superannuation fund requires an employee to disclose an existing or pre-existing condition and the employee does not inform them of this information it may affect their rights to benefits.
It is imperative that employees with a disability investigate what the requirements are from the superannuation fund before any disclosure of disability/medical information is made.