Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3 - PAYMENT OF UNCLAIMED MONEY TO THE COMMISSIONER  

Division 1 - Preliminary  

SECTION 12   MEANING OF UNCLAIMED MONEY - GENERAL MEANING  

12(1)  
An amount payable to a member of a fund is taken to be unclaimed money if:


(a) the member has reached the eligibility age; and


(b) (Repealed by No 9 of 2007)


(c) the superannuation provider has not received an amount in respect of the member (and, in the case of a defined benefits superannuation scheme, no benefit has accrued in respect of the member) within the last 2 years; and


(d) after the end of a period of 5 years since the superannuation provider last had contact with the member, the provider has been unable to contact the member again after making reasonable efforts.

12(2)  
If:


(a) a payment split applies to a splittable payment in respect of an interest that a person has as a member of a fund; and


(b) as a result, the non-member spouse (or his or her legal personal representative if he or she has died) is entitled to be paid an amount; and


(c) after making reasonable efforts and after a reasonable period has passed, the superannuation provider concerned is unable to ensure that the non-member spouse or his or her legal personal representative, as the case may be, receives the amount;

then the amount payable is taken to be unclaimed money .

12(3)  
(Repealed by No 133 of 2009)




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.