Lost members register - protocol document

Purpose

The purpose of this document is to provide guidance to superannuation (super) providers in meeting their obligations under the Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA) in relation to lost members and the associated reporting obligations.

This document:

• provides technical guidance
• includes an explanation of various key terms contained in the law
• gives guidelines on practical administration and various suggestions of industry best practice
• outlines consistent practices to be adopted across the super industry.

While this document does not have the force of law and is not binding, it has been developed in collaboration with industry representatives to support compliance across the industry in meeting their obligations as they relate to the lost members register (LMR).

The LMR is important as it provides a list of people who have been reported by their super providers as lost and allows people to be reunited with their lost super.

The value of the register depends on the quality of the information reported. We hope that this protocol document will encourage super providers to review their processes (where necessary) and to make sure that the information reported is of a high-quality, accurate and consistent.