Lost members register - protocol document

The law

The provisions that outline the lost members register regime are in Part 4 of the SUMLMA and the associated Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (SUMLMR). The intent of the lost members' legislation is to establish a scheme to deal with lost members of super funds and retirement savings accounts (RSAs).

The SUMLMA requires that you report to us, twice yearly, the details of members you consider to be lost (as defined by regulation 1.03A of the Superannuation Industry (Supervision) Regulations 1994 or regulation 1.06 of the Retirement Saving Accounts Regulations 1997). The information is retained in a register called the lost members register (LMR).

The money held for the lost member remains with the super provider unless it meets the definition of a lost member account (as defined by section 24B of the SUMLMA), in which case it is paid to us as unclaimed superannuation money.

As the member must be lost for an account to meet the definition of a lost member account, this protocol will also assist super providers in identifying accounts which may need to be paid to the ATO as unclaimed superannuation.

Further information is available in the unclaimed superannuation money protocol document.

The intent of the lost members legislation is to reunite people with their lost super.

The key responsibilities for us established by the lost members legislation include:

keeping a register of lost members containing the information received from super providers
reducing, at an early stage, the amount of lost super that becomes unclaimed.

Sections within The law

Last Modified: Thursday, 13 October 2011