Automatic Enrolment Retirement Savings System Act 2024 section 90

Unclaimed balances

Section 90 defines when a balance in a participant's automatic enrolment savings account becomes an "unclaimed balance".

• A balance becomes unclaimed when a dormancy period has ended following the issue of a notification of eligibility for withdrawal.
• The dormancy period runs from the date the Authority issued the notification of eligibility for withdrawal.
• During that dormancy period, no specified event — such as an application for withdrawal or contact from the participant or their personal representative — must have taken place.
• The notification of eligibility for withdrawal is one issued by the Authority under section 82(1)(d) or section 86(1)(d), confirming that the balance is eligible for withdrawal.