Treasury Laws Amendment (2021 Measures No. 5) Act 2021 (127 of 2021)

Schedule 3   Miscellaneous and technical amendments

Part 3   Other amendments

Division 2   KiwiSaver scheme

Superannuation (Unclaimed Money and Lost Members) Act 1999

77   Section 7

Omit:

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.

substitute:

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.