Automatic Enrolment Retirement Savings System Act 2024 section 91

Notice of unclaimed balance

Section 91 requires the Authority to notify participants (or their personal representatives, where the participant has died) of unclaimed balances after the dormancy period has ended.

• The Authority must take all reasonable steps to notify a participant in writing, as soon as practicable after the dormancy period ends, that an unclaimed balance exists, that it will be transferred to the Dormant Accounts Fund by the following 31 March if not claimed, and that the participant has a right to claim it.
• Where the Authority has been notified of a participant's death, the notice must instead be sent to the participant's personal representative as soon as practicable after the dormancy period ends.
• If the Authority holds a correspondence address for the recipient, the notice must be sent by ordinary post to that address.
• The Minister may prescribe additional steps the Authority must take to notify a person of an unclaimed balance.