Transferring your Australian Superannuation to your KiwiSaver account
If you have worked in Australia in since 1992 you are likely to have one or more Australian superannuation accounts. Some of our clients have had 10-15 different superannuation accounts!
If you are planning on living permanently in New Zealand and retiring in New Zealand, it could be worth considering bringing your Australian Superannuation funds back to New Zealand.
As the Australian Superannuation is ‘locked in’, you can only bring the funds back under the relevant ‘Trans-Tasman portability’ legislation. This allows for you to add your Australian Super funds to your KiwiSaver account if your Australian scheme is a ‘complying superannuation fund’. Most KiwiSaver schemes permit you to bring your funds back, but make sure you check with your scheme first.
Your Australian provider(s) will be able to confirm if your Australian fund(s) can be transferred to a KiwiSaver scheme.
When the funds are brought back to your KiwiSaver account, they have to be ‘ring-fenced’ by the KiwiSaver manager. This money is not available to be withdrawn for your first home purchase.