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  • Member ILBA election requirements

    Due to a change in law, from 22 June 2020 members must now make an election directly to their fund to have their account not treated as an inactive low balance account (ILBA). Previously, members made this election to us.

    There is no specific format this election must take however funds must be satisfied the member has declared they are not a member of an ILBA. The member’s election is valid for 16 months, and fund trustees must maintain appropriate evidence of the election.

    If a fund receives the election after the ILBA has been reported and paid to us, the fund should advise the member their account has been appropriately sent to us.

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      Last modified: 16 Sep 2020QC 63694