The Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA), more commonly known as the unclaimed superannuation money protocol, has been updated recently to provide a clearer structure going forward.
SUMLMA provides guidance on in relation to unclaimed money, lost member accounts, superannuation accounts of former temporary residents and their associated reporting and payment obligations. The update has now added content on inactive low balance accounts.
The act now clearly defines what is an inactive low-balance account, how statements and payments work, the registering of lost members and various rules for special cases.
It is important to note that the information in the protocol does not apply to super providers that are trustees of a state or territory public sector super scheme, in which:
- The state or territory has laws requiring the reporting and payment of unclaimed super money to the state or territory government. Or;
- The state or territory public sector super scheme complies with relevant state or territory laws.
The protocol provides administrative guidance only and should not be taken as a replacement for the law or technical reporting specifications.