Automatic Enrolment Retirement Savings System Act 2024
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Notice of unclaimed balance | ||
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91. (1) Subject to subsection (2), the Authority shall take all reasonable steps to give the participant entitled to an unclaimed balance, as soon as is practicable after the end of the dormancy period referred to in section 90 (1), written notice of the following: | ||
(a) that there is an unclaimed balance to which the participant appears to be entitled; | ||
(b) that if a specified event does not occur in relation to the unclaimed balance on or before 31 March next following, the balance will be transferred to the Dormant Accounts Fund without further notice to the participant; | ||
(c) that the participant is entitled to claim the balance in accordance with this Part; | ||
(d) any other matters that may be prescribed. | ||
(2) Where the participant’s death has been notified to the Authority, the Authority shall take all reasonable steps to give notice of the matters in subsection (1)(a), (b), (c) and (d) to the participant’s personal representative as soon as is practicable after the end of the dormancy period referred to in section 90 (1). | ||
(3) Where the Authority has a correspondence address for the recipient, a notice under subsection (1) or (2) shall be sent by ordinary post to that address. | ||
(4) The Minister may prescribe additional steps for the Authority to take to give a person notice of an unclaimed balance under this section. |