In addition to its physical and emotional toll, cancer can have a significant impact due to costs associated with treatment and loss of income.
Many Australians affected by cancer need to access additional funds, and for many, compulsory superannuation contributions are their main or only source of savings.
Superannuation funds can be accessed at retirement or ‘preservation’ age, but the laws governing superannuation allow for early release of the funds on certain grounds, called ‘conditions of release’. All but one of these conditions could be relevant for cancer patients and their families.
However, there are numerous factors that complicate the application process, such as the variation of grounds for early access available between funds, whether there is insurance attached to superannuation account, and whether that insurance accords with a condition of release. Further, the condition of release someone applies under will determine how they need to apply, which body to apply to, and how the released money will be taxed. These factors, along with the level of detail and precision required in each application, mean that many people are overwhelmed by the application process.
After surveying NSW-based psycho-oncologists and oncology social workers, Cancer Council NSW identified that assistance with early access to superannuation is a high-priority unmet need. In 2010, Cancer Council established the Pro Bono Programs, through which people impacted by cancer can access professional assistance with a variety of issues, including making applications for early access to superannuation and attached insurances, and appealing the rejection of an application.
Since then, Cancer Council has assisted more than 4,000 families across Australia with early access to superannuation.