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  • Unclaimed superannuation money protocol

    Super providers can find guidance about unclaimed superannuation money and the associated reporting obligations in the Unclaimed superannuation money protocol. The obligations for super providers fall under the Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA).

    The protocol:

    • provides technical guidance and does not replace the law and is not binding
    • explains various key terms contained in the law
    • gives guidelines on practical administration and our perspective of industry best practice
    • encourages consistent practices and application of the unclaimed super legislation across the super industry.

    The protocol was developed in collaboration with industry representatives. When acting on the guidance it provides you should:

    • take into account the individual circumstances of your members
    • decide whether your action is appropriate.

    In line with your obligations under subsection 52(2) of the Superannuation Industry (Supervision) Act 1993 you should exercise your powers in the best interests of your members.

    The information in the protocol does not apply to super providers that are trustees of a state or territory public sector super scheme, where:

    • the relevant state or territory has laws requiring the reporting and payment of unclaimed super money to the state or territory government
    • the state or territory public sector super scheme complies with relevant state or territory laws.

    Where a state or territory does not have laws requiring the reporting of unclaimed super money to the state or territory government, the state or territory public sector super scheme is required to comply with the SUMLMA and the protocol.

    Last modified: 05 Jun 2018QC 55891