S 7 amended by No 127 of 2021, s 3 and Sch 3 items 75
-
77, by substituting
"
If the Commissioner is satisfied the Commissioner has received a payment under this Act for such a member, the Commissioner must pay the amount received (and interest, in some cases) to: (a) the member; or (b) a fund identified by the member; or (c) a KiwiSaver scheme provider identified by the member; or (d) if the member has died
-
the member
'
s death beneficiaries or legal personal representative.
"
for
"
If the Commissioner is satisfied he or she has received a payment under this Act for such a member, the Commissioner must pay the amount he or she has received (and interest, in some cases) to the member, to a fund identified by the member or, if the member has died, to the member
'
s death beneficiaries or legal personal representative.
"
,
"
Superannuation of eligible rollover fund members
Superannuation providers who are trustees of eligible rollover funds must, by 30 June 2021 and 31 January 2022, give the Commissioner of Taxation details relating to accounts of those funds. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Payments must be made by 30 June 2021 (for accounts that had balances of less than $6,000 on 1 June 2021) and 31 January 2022 (for all other accounts). Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) to a KiwiSaver scheme provider identified by the person; or (c) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (d) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
"
for
"
Superannuation of eligible rollover fund members
Superannuation providers who are trustees of eligible rollover funds must, by 30 June 2021 and 31 January 2022, give the Commissioner of Taxation details relating to accounts of those funds. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Payments must be made by 30 June 2021 (for accounts that had balances of less than $6,000 on 1 June 2021) and 31 January 2022 (for all other accounts). Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (c) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
"
and
"
Voluntary payments by superannuation providers
A superannuation provider may pay to the Commissioner of Taxation any amount it holds on behalf of a member, former member or non-member spouse if it reasonably believes paying the amount to the Commissioner is in the best interests of the member, former member or non-member spouse. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) to a KiwiSaver scheme provider identified by the person; or (c) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (d) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
"
for
"
Voluntary payments by superannuation providers A superannuation provider may pay to the Commissioner of Taxation any amount it holds on behalf of a member, former member or non-member spouse if it reasonably believes paying the amount to the Commissioner is in the best interests of the member, former member or non-member spouse. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (c) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
"
for
"
Voluntary payments by superannuation providers
A superannuation provider may pay to the Commissioner of Taxation any amount it holds on behalf of a member, former member or non-member spouse if it reasonably believes paying the amount to the Commissioner is in the best interests of the member, former member or non-member spouse. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (c) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
"
, applicable in relation to payments of amounts made by the Commissioner on or after 11 December 2021, regardless of when the amounts were received by the Commissioner.
S 7 amended by No 118 of 2020, s 3 and Sch 2 items 7, 8 and 35, by inserting para (ba) and substituting
"
Superannuation of lost members
At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to: (a) small accounts of lost members; and (b) inactive accounts of unidentifiable lost members. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) to a KiwiSaver scheme provider identified by the person; or (c) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (d) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
Superannuation of inactive low-balance members
At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low-balance accounts. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) to a KiwiSaver scheme provider identified by the person; or (c) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (d) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
"
for
"
Superannuation of lost members
At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to: (a) small accounts of lost members; and (b) inactive accounts of unidentifiable lost members. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount he or she has received in respect of a person: (a) to a fund identified by the person; or (b) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (c) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
Superannuation of inactive low-balance members
At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low-balance accounts. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (c) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
"
and
"
Superannuation of eligible rollover fund members
Superannuation providers who are trustees of eligible rollover funds must, by 30 June 2020 and 30 June 2021, give the Commissioner of Taxation details relating to accounts of those funds. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Payments must be made by 30 June 2020 (for accounts that had balances of less than $6,000 on 1 June 2020) and 30 June 2021 (for all other accounts). Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) to a KiwiSaver scheme provider identified by the person; or (c) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (d) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
"
for
"
Superannuation of eligible rollover fund members
Superannuation providers who are trustees of eligible rollover funds must, by 30 June 2020 and 30 June 2021, give the Commissioner of Taxation details relating to accounts of those funds. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Payments must be made by 30 June 2020 (for accounts that had balances of less than $6,000 on 1 June 2020) and 30 June 2021 (for all other accounts). Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (c) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
"
, applicable in relation to payments of amounts made by the Commissioner on or after 11 December 2021, regardless of when the amounts were received by the Commissioner.
S 7 amended by No 24 of 2021, s 3 and Sch 2 item 19, by substituting
"
Voluntary payments by superannuation providers
A superannuation provider may pay to the Commissioner of Taxation any amount it holds on behalf of a member, former member or non-member spouse if it reasonably believes paying the amount to the Commissioner is in the best interests of the member, former member or non-member spouse. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (c) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
Reunification of amounts held by the Commissioner
If, having taken the steps required in relation to unclaimed amounts, amounts held by the Commissioner for lost members, inactive low-balance members or eligible rollover fund members or amounts paid by superannuation providers on a voluntary basis, the Commissioner still holds an amount, the Commissioner must pay that amount to a fund in which the person for whom the Commissioner holds the amount is active, or in accordance with the regulations.
"
for
"
Reunification of amounts held by the Commissioner
If, having taken the steps required in relation to unclaimed amounts, or amounts held by the Commissioner for lost members, inactive low-balance members or eligible rollover fund members, the Commissioner still holds an amount, the Commissioner must pay that amount to a fund in which the member for whom the Commissioner holds the amount is active, or in accordance with the regulations.
"
, effective 29 March 2021.
S 7 amended by No 24 of 2021, s 3 and Sch 1 items 22 and 23, by inserting
"
Superannuation of eligible rollover fund members
Superannuation providers who are trustees of eligible rollover funds must, by 30 June 2021 and 31 January 2022, give the Commissioner of Taxation details relating to accounts of those funds. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Payments must be made by 30 June 2021 (for accounts that had balances of less than $6,000 on 1 June 2021) and 31 January 2022 (for all other accounts). Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (c) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
"
and substituting
"
, inactive low-balance members or eligible rollover fund members
"
for
"
or inactive low-balance members
"
, effective 23 March 2021.
S 7 amended by No 8 of 2019, s 3 and Sch 4 item 8, by omitting
"
The regulations may establish a scheme under which superannuation providers must provide the Commissioner of Taxation with details relating to lost members. An aim of the scheme would be to reduce at an early stage the number of accounts which become unclaimed money.
"
after
"
Lost members register
"
heading, effective 1 April 2019.
S 7 amended by No 16 of 2019, s 3 and Sch 3 item 19, by inserting
"
Superannuation of inactive low-balance members
At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low-balance accounts. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) if the person has reached eligibility age or the amount is less than $200
-
to the person; or (c) if the person has died
-
to the person
'
s death beneficiaries or legal personal representative.
Reunification of amounts held by the Commissioner
If, having taken the steps required in relation to unclaimed amounts, or amounts held by the Commissioner for lost members or inactive low-balance members, the Commissioner still holds an amount, the Commissioner must pay that amount to a fund in which the member for whom the Commissioner holds the amount is active, or in accordance with the regulations.
"
, effective 13 March 2019. For application and transitional provisions, see note under Part
3B
heading.
S 7 amended by No 117 of 2010, s 3 and Sch 1 items 1 and 2, by substituting
"
consistent with this Act, superannuation providers that are trustees of public sector superannuation schemes may
"
for
"
consistent with this Act, superannuation providers must
"
and inserting the heading and para at the end effective 17 November 2010.
S 7 amended by No 133 of 2009, s 3 and Sch 3 item 5, by inserting all the words from (and including)
"
Superannuation of lost members
"
to (and including)
"
(c) if the person has died
-
to the person's death beneficiaries or legal personal representative.
"
, applicable in relation to:
(a) the last unclaimed money day (within the meaning of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
) occurring before 1 July 2010; and
(b) later unclaimed money days.
S 7 amended by No 133 of 2009, s 3 and Sch 3 item 4, by substituting the para beginning with
"
Superannuation providers must pay
"
, applicable in relation to:
(a) the last unclaimed money day (within the meaning of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
) occurring before 1 July 2010; and
(b) later unclaimed money days.
The para formerly read:
Superannuation providers must pay to the Commissioner of Taxation any unclaimed money they hold. If the Commissioner is satisfied he or she has received such a payment in respect of a person, the Commissioner must pay the amount he or she has received to the person, to a fund identified by the person or, if the person has died, to the person
'
s death beneficiaries or legal personal representative.
S 7 amended by
No 27 of 2009
, s 3 and Sch 2 items 1 to 5, by substituting
"
At the times determined by the Commissioner
"
for
"
At the end of each half-year
"
, substituting
"
If the Commissioner is satisfied he or she has received such a payment in respect of a person, the Commissioner must pay the amount he or she has received to the person, to a fund identified by the person or, if the person has died, to the person
'
s death beneficiaries or legal personal representative.
"
for
"
On request by a person entitled to receive that money, the Commissioner must pay it to that person.
"
, substituting the paragraph beginning with (and including)
"
Superannuation of former temporary residents
"
for the paragraph beginning with (and including)
"
Superannuation of persons who used to hold temporary visas
"
, inserting
"
death beneficiaries or
"
after
"
if the member has died, to the member
'
s
"
and inserting
"
The Commissioner of Taxation may publish, or make available, details relating to amounts paid to the Commissioner in respect of such members.
"
after
"
If the Commissioner is satisfied he or she has received a payment under this Act for such a member, the Commissioner must pay the amount he or she has received (and interest, in some cases) to the member, to a fund identified by the member of, if the member has died, to the member
'
s legal personal representative.
"
, effective 27 March 2009.
S 7 amended by No 151 of 2008, s 3 and Sch 1 item 4, by inserting the three paragraphs from (and including)
"
Superannuation of persons who used to hold temporary visas
"
, effective 18 December 2008.
S 7 amended by No 9 of 2007, s 3 and Sch 7 item 2, by omitting
"
immediately payable
"
after
"
Unclaimed money is
"
, applicable on and after 1 July 2007.