Transfer to the New Zealand KiwiSaver scheme
If you’re leaving Australia permanently to make New Zealand your home, you can transfer your super, thanks to the Trans-Tasman retirement savings portability rules.
You have more choice about your superannuation if you were to move to New Zealand. You can either leave your super in Australia or transfer it to a New Zealand KiwiSaver scheme.
KiwiSaver is a voluntary savings scheme set up by the New Zealand government to help people save for retirement. You can transfer to a KiwiSaver scheme only if you have permanently emigrated to New Zealand, and you’ll need to sign a statutory declaration saying so. You will also have to provide proof of residence at a New Zealand address. If you’re eligible, you’ll need to have yourNew Zealand Inland Revenue Department (IRD)number for the transfer.
In the KiwiSaver account, your retirement savings will be held in two parts - the Australian-sourced component and the New Zealand-sourced component. You’ll be able to access the Australian-sourced savings when you reach the age of 60 and retire,while for the New Zealand component, you’ll have to reach the age of 65.
If you have multiple super accounts in Australia, you may want to consolidate them into one before you transfer to the KiwiSaver scheme. You can combine different super accounts through the myGov online portal. This may help you save on fees and charges.
Only investments in ‘complying superannuation funds’ regulated by theAustralian Prudential Regulation Authority(APRA)are eligible to be transferred to a KiwiSaver scheme.
