Document ID: chunk:federal_register_of_legislation:C2020C00213:clause:3_20qa:p2
Version: federal_register_of_legislation:C2020C00213
Segment Type: clause
Provision Reference: sch 3 cl 20QA (pt 2/2)
Character Range: 31278–32420

is taken not to be an inactive low‑balance account if:
 (a) the account is held on behalf of a member of the fund; and
 (b) any of the following occurred in relation to the member in the last 16 months:
 (i) the member changed the member's investment options under the fund;
 (ii) the member made changes in relation to the member's insurance coverage under the fund;
 (iii) the member made or amended a binding beneficiary nomination;
 (iv) the member, by written notice given to the Commissioner, declared that the member was not a member of an inactive low‑balance account;
 (v) the superannuation provider was owed an amount in respect of the member.
 (2) A person on whose behalf a superannuation provider holds an inactive low‑balance account is an inactive low‑balance member.
 (3) In a regulated superannuation fund, each MySuper product or choice product to which an inactive low‑balance account relates in whole or in part, and in relation to which subparagraphs (1)(a)(iv), (v) and (viii) are satisfied, is an inactive low‑balance product in the inactive low‑balance account.

Division 2—Statements on inactive low‑balance accounts