Friday, 11 July 2008

Lost members register - for superannuation providers

Who is a lost member?

A lost member is a member of a super fund who:

  • is an inactive member – they are inactive if they joined, as a standard employer-sponsored member, more than two years ago, and there have been no contributions or rollover amounts in the last five years
  • transferred from another super provider as a lost member and you haven’t found or been advised of a new address, or
  • cannot be contacted – you may not have been advised of your member’s address or mail sent to your member’s last known address has been returned unclaimed. If one piece of mail is returned to you unclaimed by the member, you may choose to report the member as lost. However if you receive two pieces of mail unclaimed by the member you are required to report the member as lost.

Unless

  • The fund or the member has confirmed the member's current address within the past 2 years or the member is permanently excluded from becoming a lost member.

A member can be permanently excluded from becoming a lost member if they:

  • are an inactive member of the fund, but indicate by a positive act, for example, deferring a benefit, that they wish to remain a member
  • contact you and indicate that they want to remain a member, or
  • are a member of an SMSF.

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