Notice of inactivity issued for inactive accounts
224AA Notice of inactivity issued for inactive accounts
A notice of inactivity issued in relation to an account that may become an inactive account must inform the Member in whose name the account is maintained of the following —
the day on which the most recent relevant contribution was credited to the account;
the amount debited to the Member’s account by the Board in relation to the entitlement to the covered risk benefit or insurance cover for the previous financial year;
the amount likely to be debited to the Member’s account by the Board in relation to the entitlement to the covered risk benefit or insurance cover for the current financial year;
the period of time that has lapsed since that relevant contribution was credited to the account;
the day on which the Board may exercise its discretion under regulation 75A or 116A, as the case requires, in relation to the account, should the account become an inactive account;
if the Board were to exercise its discretion, the effect that the exercise of discretion would have on the Member’s entitlements;
that the Member should inform the Board before the account becomes an inactive account if, in the event that the account becomes an inactive account, they wish to retain the entitlement to the covered risk benefit or insurance cover, as the case requires.
A notice of inactivity must be issued to the Member in whose name the account is maintained by sending it to the most recent address provided to the Board by the Member.
[Regulation 224AA inserted: SL 2024/195 r. 16.]
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