Payment splits of super
When a relationship ends, super accounts or payments (pensions or annuities) can be divided by agreement or court order.
A payment split happens when:
- a payment becomes payable, and the non-member spouse is entitled to a portion
- a splitting order applies.
A splitable payment of a non-member spouse includes a payment to:
- the spouse
- another person on behalf of the spouse
- the spouse's legal representative, if the spouse has passed away
- a reversionary beneficiary (someone who inherits the super) after the spouse's death
- the legal representative of a reversionary beneficiary, if they have passed away.
When the amount is unclaimed super
If all of the following conditions apply, the amount is considered unclaimed money:
- A payment split applies to a splitable payment on an interest that a person has as a member of a fund.
- The non-member spouse (or their legal representative) is entitled to the payment.
- After making reasonable attempts and after a reasonable period has passed, you're unable to ensure the non-member spouse or their legal representative receives the payment.
Example: member who commences account-based income stream
Jane commences an account-based income stream in the XYZ super fund. Her account is subject to a splitting order, so her non-member spouse, Barry, is entitled to an income stream payment.
Barry has lost touch with XYZ super fund. No new contact details have been found, despite extensive efforts to trace him.
Barry's money is unclaimed.
Although Jane's account is active, the money belonging to Barry is unclaimed money. This is because, after making a reasonable effort, XYZ super fund is unable to ensure Barry receives his entitlement.
End of example