Transferring your superannuation from Australia
Under legislation that came into effect on 1 July 2013, 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 New Zealand you need to complete the Transferring Australian Superannuation to New Zealand form. This form includes a flyer with information for you to consider before you transfer. It also lists the information we need from you.
What are the costs?
For most members there are no costs. Transfers exceeding AUD$180,000 (2014-15 onward) to Australia may be subject to tax. However the Australian rules allow the next two years' worth of contributions to be brought forward, allowing a maximum transfer of AUD$540,000. Members should contact their tax adviser or Australian Super fund for more information.
I am moving to New Zealand from Australia. Can I withdraw any savings as cash?
No. Transfers of retirement savings must be to KiwiSaver. 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 KiwiSaver?
Yes, however, transferred funds held in KiwiSaver will be allowed to be withdrawn at age 60 if you are retired.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 KiwiSaver.
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.
For personal, tailored advice, you can talk to a MAS adviser by phoning 0800 800 627 or emailing firstname.lastname@example.org.
A copy of MAS KiwiSaver Product Disclosure Statement can also be found online on the Disclose Register website under the offer for the MAS KiwiSaver Plan. The Trustees of the Medical Assurance Society KiwiSaver Plan are the issuer and manager of the Plan.
Although care has been taken to ensure the accuracy of this information, MAS does not assume any liability arising out if its use.