Exposure draft legislation is being released for consultation on the 2015-16 Budget measure to reduce red tape for superannuation funds and individuals by streamlining lost and unclaimed superannuation administrative arrangements.
- allows Eligible Rollover Funds, which are temporary repositories for inactive superannuation accounts, to proactively consolidate accounts they hold into the active superannuation accounts of members without their consent;
- ensures that members who interact with their superannuation fund through contemporary means of communication such as email and online interactions, are not inadvertently deemed to be lost members; and
- removes an out-dated rule that prevents the identification of certain lost inactive members, that is by removing the 'employer-sponsored' members rule.
The changes apply from 30 June 2016.