Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3 - PAYMENT OF UNCLAIMED MONEY TO THE COMMISSIONER  

Division 1 - Preliminary  

SECTION 14   14   MEANING OF UNCLAIMED MONEY - DECEASED MEMBER  
An amount payable in respect of a member of a fund is taken to be unclaimed money if:


(a) the member has died; and


(b) the superannuation provider determines that, under the governing rules of the fund or by operation of law, a benefit (other than a pension or annuity) is immediately payable in respect of the member; and


(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 making reasonable efforts and after a reasonable period has passed, the superannuation provider is unable to ensure that the benefit is received by the person who is entitled to receive the benefit.

Note:

A superannuation provider will be unable to ensure that the person receives the benefit if, for example, the provider cannot find the person after making reasonable efforts to do so and after a reasonable period has passed.




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