Cancellations 31 or more days prior to arrival will return all points used to your current Use Year to use or bank subject to normal rules.
Cancellations within 30 days of arrival will return the points to a "Holding Account" which means they may be used only to make a reservation 60 days in advance. They will expire at the end of the Use Year if not used for a reservation.
On arrival day, all points for the reservation are considered used and won't be returned to the account.
Enjoy!