The existing Superannuation (Unclaimed Money and Lost Members) Regulations 1999 are scheduled to sunset on 1 April 2020.
The draft Superannuation (Unclaimed Money and Lost Members) Regulations 2019 are being made to ensure the ongoing operation of the lost and unclaimed money regime for certain superannuation amounts.
The draft regulations include two substantive changes to the previous regulations. These include prescribing conditions of release whereby an account will no longer be considered an inactive low balance account if met by a member, and that interest will apply to the payment of unclaimed amounts in relation to inactive low balance accounts. Minor technical changes have been made to reflect current drafting practice and thus the numbering of particular sections are now different.
Additional regulations to repeal the existing regulations are also being consulted on. These regulations repeal the 1999 regulations upon the commencement of the 2019 regulations should that occur before the scheduled sunsetting date of 1 April 2020.
Further details on the draft regulations are contained in the Explanatory Statement. The community’s views are sought on the draft regulations.
You can submit responses to this consultation up until 25 October 2019. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Retirement Income Policy Division
Parkes ACT 2600
Phone: Alex Maevsky +61 2 6263 4268