Kiwis to bring superannuation home
New Zealanders returning home from Australia will soon be able to bring their retirement savings with them. Trans-Tasman portability of retirement savings is expected to take effect from July next year.
An agreement between the two countries in 2009 paved the way for the new scheme, with New Zealand passing legislation in 2010, and Australia doing the same recently.
This important next step in the Single Economic Market programme between our two countries will further help the free movement of labour between New Zealand and Australia, and strengthen our wider Closer Economic Relations agreement.
Under the new rules, retirement savings from certain Australian superannuation funds will be able to be transferred into New Zealand KiwiSaver funds – and vice versa.
For more information, click here.
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