Sections 5-7: Pension assets Section 7: Meaning of "dormant" in relation to eligible pension benefits
This section provides that a pension asset can be classed as dormant if any of the four conditions set out in subsections (2)-(5) are met.
	Subsection (2) sets out the first condition: that a pension asset can be classed as dormant if the person in respect of whom the proceeds are owed is deceased and the participant is satisfied that there is no owner. This captures circumstances where the participant knows that the deceased person has no beneficiaries.
	Subsection (3) sets out the second condition; namely, that a pension asset can be classed as dormant if:
at least seven years have passed since the participant was notified that the person in respect of whom the benefits are payable is deceased; and
there has been no communication from the owner or anyone acting on their behalf since that time.
	Subsection (4) sets out the third condition; namely, that a pension asset can be classed as dormant if:
records indicate that the person in respect of whom the benefits are payable would be at least 120 years old (i.e. that the participant can reasonably assume they are deceased); and
there has been no communication from the owner, anyone acting on their behalf, or anyone administering the deceased person's estate during the preceding seven years.
	Subsection (5) sets out the fourth condition, which is only applicable to income withdrawals as a standalone product. In addition to the first three conditions, an income withdrawal can also be classed as dormant if:
at least seven years have passed since the end of the contractual term; and
there has been no communication from the owner or anyone acting on their behalf since that time.
	Subsection (6) defines a responsible institution as the pension institution assessing whether the asset meets any of the four conditions set out in subsections (2)-(5).