Members with retirement savings in complying Australian superannuation schemes are able to transfer their funds to a New Zealand KiwiSaver scheme.
What am I allowed to do?
Broadly, the portability arrangements allow a person who has retirement savings in both Australia and New Zealand to consolidate them in one account in their country of residence.
Members who have permanently moved from Australia to New Zealand are able to transfer their retirement savings from an Australian complying superannuation fund regulated by the Australian Prudential Regulation Authority to KiwiSaver, and vice versa.
Retirement funds transferred from one country to another are not allowed to be transferred to a third country. No partial transfers are allowed (it must be a full transfer or no transfer).
How do I apply?
To transfer your superannuation to the MAS KiwiSaver Scheme, you need to complete the KiwiSaver Transfer from Superannuation Fund form or the KiwiSaver Transfer from Australian Superannuation Scheme form. These forms list the information we need from you.
What are the costs?
A transfer from a complying Australian superannuation scheme to a New Zealand KiwiSaver scheme is not taxed. It's also tax free to withdraw funds from your KiwiSaver scheme once you are legally allowed to access them.
There are no limits on how much you can transfer from your Australian super to a KiwiSaver scheme. However, you must transfer the whole balance of your Australian super.
I am moving to New Zealand from Australia. Can I withdraw any savings as cash?
No. Transfers of retirement savings must be to a KiwiSaver scheme. These transfers will not be able to be used for any of the KiwiSaver housing-related initiatives. However, any New Zealand sourced earnings on transferred retirement savings will be subject to normal KiwiSaver policies.
Will my transferred funds be locked into a KiwiSaver account?
Yes, however, transferred funds held in a KiwiSaver account will be allowed to be withdrawn at age 60 if you are retired.
Will my transferred money count towards KiwiSaver Government Contributions?
No. Government contributions will not be paid on Australian sourced retirement savings transferred to a KiwiSaver scheme.
How do I find where my Australian superannuation is invested?
If you’ve lost details of your Australian superannuation scheme, the Australian Taxation Office provides a tracking service, which is available on their website.
Can I transfer my ATO-held unclaimed superannuation to a KiwiSaver scheme?
If you’ve ever worked in Australia, you may have superannuation savings that you’ve lost track of over time. The Australian Taxation Office (ATO) provides an easy way to search for any lost or unclaimed super in your name.
By visiting the ATO website and completing a quick search, you can identify any balances held with previous employers or funds and request that they be transferred. Once you’ve located your super, you can arrange for those funds to be consolidated into your KiwiSaver account, helping you keep all your retirement savings in one place and working harder for your future.
More information is available on the ATO website at ato.gov.au
For more information you can refer to:
Medical Funds Management Limited is the issuer and manager of the MAS KiwiSaver Scheme.