Superannuation (Unclaimed Money and Lost Members) Act 1999
This section applies in relation to a person if: (a) a superannuation provider paid an amount to the Commissioner under section 20QD in respect of the person; and (b) the Commissioner is satisfied, on application in the approved form or on the Commissioner ' s own initiative, that it is possible for the Commissioner to pay the amount in accordance with subsection (2) . 20QF(2)
The Commissioner must pay the amount: (a) to a single fund if:
(i) the person has not died; and
(ii) the person directs the Commissioner to pay to the fund; and
(aa) to a single KiwiSaver scheme provider if:
(iii) the fund is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997 ); or
(i) the person has not died; and
(ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and
(b) in accordance with subsection (4) if:
(iii) the matters (if any) prescribed by the regulations are satisfied; or
(i) the person has died; and
(c) to the person ' s legal personal representative if the person has died but subparagraph (b)(ii) does not apply; or (d) to the person if this paragraph applies (see subsection (3) ).
(ii) the Commissioner is satisfied that, if the superannuation provider had not paid the amount to the Commissioner, the provider would have been required to pay an amount or amounts (death benefits) to one or more other persons (death beneficiaries) because of the deceased person ' s death; or
Despite paragraph (2)(a) , the Commissioner must not pay the amount to a single fund if the amount includes a New Zealand-sourced amount and either: (a) the fund is a self managed superannuation fund; or (b) the superannuation provider for the fund has not notified the Commissioner, in the approved form, that the fund accepts New Zealand-sourced amounts.
Paragraph (2)(d) applies if: (a) subparagraphs (2)(a)(ii) and (aa)(ii) do not apply; and (b)
(i) the person has reached the eligibility age and, if the amount includes a New Zealand-sourced amount, the New Zealand eligibility age;
(ii) the amount is less than $200;
(c) the person has not died.
(iii) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997 ) exists in relation to the person; and
In a case covered by paragraph (2)(b), the Commissioner must pay the amount under subsection (2) by paying to each death beneficiary the amount worked out using the following formula:
|Amount payable under subsection (2)||×||Death benefit for the death beneficiary|
|Total death benefits|
If there is only one death beneficiary, the whole of the amount is payable to that beneficiary.20QF(5)
If: (a) the Commissioner makes a payment under subsection (2) to a fund, a KiwiSaver scheme provider, a legal personal representative or a person; and (b) the payment is in accordance with paragraph (2)(a) , (aa) , (c) or (d) ;
the Commissioner must also pay to the fund, KiwiSaver scheme provider, legal personal representative or person the amount of interest (if any) worked out in accordance with the regulations.
If: (a) the Commissioner makes a payment under subsection (2) to a death beneficiary; and (b) the payment is in accordance with paragraph (2)(b) ;
the Commissioner must also pay to the death beneficiary the amount of interest (if any) worked out in accordance with the regulations.
Regulations made for the purposes of subsection (5) or (6) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate. 20QF(8)
This section does not apply to an amount that is to be, is or has been, taken into account in determining whether the Commissioner must make a payment under subsection 20H(2) or (3) .
Subsections 20H(2) and (3) provide for payment by the Commissioner of amounts equal to amounts paid to the Commissioner under subsections 17(1) , 20F(1) , 20QD(1) , 21C(1) , 22(1) and 24E(1) in respect of a person who: