Automatic Enrolment Retirement Savings System Act 2024 section 94

Register of unclaimed balances

Section 94 requires the Authority to maintain a register of unclaimed balances, setting out what information must be recorded, who may inspect the register, and how it must be kept up to date.

• The Authority must keep a register recording specified details for every unclaimed balance whose moneys have been transferred to the Dormant Accounts Fund, including the participant's name, relevant dates, and amounts transferred.
• The register must also record any subsequent repayment details where a successful reclaim is made, along with any additional matters the Minister may prescribe with the consent of the Minister for Rural and Community Development.
• Only a participant, their personal representative, or someone authorised by either of them may inspect the register in relation to a particular unclaimed balance, provided they prove their entitlement to the Authority's satisfaction.
• The register may be kept in any form (including electronic) as long as it can be converted into a legible format, and the Authority must periodically review and correct any inaccurate or outdated entries.