Retirement Savings Accounts Act 1997

Part 8 repealed by No 128 of 1999, s 3 and Sch 1 item 16, effective 13 October 1999. For transitional and saving provisions, see the history note to s 3(1).

S 81 repealed by No 128 of 1999, s 3 and Sch 1 item 16, effective 13 October 1999. S 81 formerly read:

MEANING OF UNCLAIMED MONEY  
81(1)
If:

(a) the holder of an RSA has reached the eligibility age for an age pension; and

(b) the RSA provider determines that, under the terms and conditions of the RSA, a benefit (other than a pension or annuity) is immediately payable in respect of the holder; and

(c) the holder has not applied to the RSA provider to have the amount of his or her benefits paid to him or her; and

(d) the RSA provider is unable to pay those benefits to the holder because the RSA provider, after making reasonable efforts, is unable to find the holder;

any amount payable to the holder is taken to be unclaimed money .

81(2)
If:

(a) the holder of an RSA has died; and

(b) the RSA provider determines that, under the terms and conditions of the RSA, a benefit (other than a pension or annuity) is immediately payable in respect of the holder; and

(c) the holder had not applied to the RSA provider to have the amount of his or her benefits paid to him or her or has died after making such an application; and

(d) the RSA provider is unable to pay those benefits because the RSA provider, after making reasonable efforts, is unable to find a person (the beneficiary ) to whom the RSA provider is required to pay the benefit;

any amount payable to the beneficiary is taken to be unclaimed money .

81(3)
RSA provider must make reasonable efforts to find the holder. If paragraphs (1)(a), (b) and (c) are satisfied in relation to the holder of an RSA, the RSA provider must make reasonable efforts to find the holder and pay the benefit to him or her.

81(4)
RSA provider must make reasonable efforts to find the beneficiary. If paragraphs (2)(a), (b) and (c) are satisfied in relation to the holder of an RSA, the RSA provider must make reasonable efforts to find the beneficiary and pay the benefit to him or her.

81(5)
RSA provider not to contravene section. An RSA provider must not intentionally or recklessly contravene this section.

Penalty: 100 penalty units.

For transitional and saving provisions, see the history note to s 3(1).