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.