Transfer of unclaimed payments to the Inland Revenue Department as unclaimed money
- Published in Scheme News
We wrote to customers entitled to a cash payment under the scheme of arrangement (Scheme) in October 2025, notifying them of their cash payment value and the requirements to be met to receive the cash payment.
Despite numerous follow ups by Foundation Life, some customers have still not provided any of the required documentation to enable their cash payment to be processed. As Foundation Life has ceased operating as a life insurance business and is currently in the process of winding up, these customers had until 31 May 2026 to provide the required documentation.
Foundation Life has therefore commenced transferring these payments to the Inland Revenue Department (IRD) as unclaimed money under the terms of the Unclaimed Money Act 1971. Affected customers will now be required to claim their cash payment from the IRD via the unclaimed money website. Information about claiming unclaimed money from the IRD is available at: www.ird.govt.nz/unclaimedmoney.
Customers who have provided incomplete or inaccurate documentation have until 30 June 2026 to address their documentation issues, or their cash payments will also be transferred to the IRD.
To date, Foundation Life has completed over 14,700 cash payments totaling over $253 million, which represents 95% of the value of Scheme cash payments to be made.
If you need any assistance, please email