PART 1The dormant assets scheme
Pension assets
7Meaning of “dormant” in relation to eligible pension benefits
1
For the purposes of this Act eligible pension benefits are “dormant” at a particular time if any of the following four conditions are met at that time.
2
The first condition is that the responsible institution—
a
has been notified that the person in respect of whom the benefits are payable has died, and
3
The second condition is that—
a
there has been a period of at least 7 years since the responsible institution was notified that the person in respect of whom the benefits are payable has died, and
b
the responsible institution has not received any communication since that time from—
i
anyone administering the estate of that person, or
ii
a person mentioned in subsection (2)(b) (or a person acting on behalf of that person).
4
The third condition is that—
a
the responsible institution is satisfied that the person in respect of whom the benefits are payable would be at least 120 years old, and
5
The fourth condition, in the case of pension benefits consisting of benefits mentioned in section 6(1)(a), is that—
a
the pension benefits have become payable by virtue of the pension contract term ending,
b
a period of at least 7 years has elapsed since the end of the term, and
c
the responsible institution has not received any communication from the person to whom the benefits are payable (or a person acting on behalf of that person) since that time.
6
In this section “responsible institution” means the pension institution that is responsible, in relation to the benefits concerned, for doing any of the following—