Super providers can find guidance about lost members and the associated reporting obligations in the Lost members register protocol. The obligations for super providers are contained in the Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA).
The protocol:
- provides technical guidance only 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 lost 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 s52(2) of the Superannuation Industry (Supervision) Act 1993 you should exercise your powers in the best interests of your members.
The lost members register protocol provides guidance for super providers about lost members and the associated reporting obligations.