Superannuation Legislation Amendment Act 2010 (117 of 2010)

Schedule 1   Unclaimed money

Part 1   Amendment of the Superannuation (Unclaimed Money and Lost Members) Act 1999

14   After section 49

Insert:

49A Money transferred to State or Territory authorities

(1) This section applies if:

(a) a person was a member of a fund, or a superannuation fund, (the original fund ); and

(b) the superannuation provider of the fund, or the trustee of the superannuation fund, (the original provider ) transferred an interest of the member in the original fund to a State or Territory authority; and

Example: The law of the State or Territory required the original provider to transfer unclaimed money of the member to the State or Territory authority.

(c) a State or Territory authority (the currently responsible authority ) (whether or not the State or Territory authority mentioned in paragraph (b)) would be required, under:

(i) the governing rules of the original fund; or

(ii) the law of the State or Territory;

to make a payment to or in respect of the member in circumstances in which, before the transfer, the original provider would have been required to make a payment to or in respect of the member.

Example: A requirement to pay unclaimed money to a member who claims it.

(2) Section 18AA and, in the case of a State or Territory public sector superannuation scheme, sections 20JA and 24HA, apply as if:

(a) the currently responsible authority were the trustee of a State or Territory public sector superannuation scheme; and

(b) the scheme were:

(i) prescribed for the purposes of those sections; and

(ii) not a fund; and

(c) the member of the original fund were a member of the scheme; and

(d) anything done by, to or in relation to the original provider in relation to the original fund had been done by, to or in relation to the currently responsible authority in relation to the scheme; and

(e) a reference in those sections to the governing rules of the original fund were a reference to the laws of the State or Territory.