Transfer your Australian Super to KiwiSaver
So you’re an Australian moving over to New Zealand and you want to know how to move your super? Or are you a Kiwi that’s previously worked in Australia? You could have unclaimed Australian superannuation!
In this blog we will talk all about transferring Australian Superannuation to KiwiSaver providers based in New Zealand. If you’re a Kiwi moving to Australia and you want to take your KiwiSaver with you, please read this blog here instead.
Transfering from an Australian super fund to KiwiSaver
To transfer retirement savings from your Australian super fund to a KiwiSaver scheme, you must:
hold your retirement savings in a complying APRA-regulated superannuation fund
have permanently emigrated to New Zealand – you need to sign a statutory declaration stating this is the case, and provide proof of residence at an address in New Zealand
transfer the whole balance of your super savings to a KiwiSaver scheme
ensure the KiwiSaver scheme is ready to receive and accept your Australian transfer
have an New Zealand IRD number to transfer your retirement savings to a KiwiSaver scheme
Check with your Australian super fund and KiwiSaver scheme provider to see if they will charge any fees for transferring or accepting funds on your behalf.
If you’d like professional support and guidance through this transfer, please reach out to us - we can help recommend an appropriate KiwiSaver provider and help you with the process. Please complete our KiwiSaver Discovery Quiz, or reach out to us directly for more information.
Accessing your retirement savings
Australian retirement savings transferred to New Zealand are held in your KiwiSaver scheme in 2 parts:
the Australian-sourced component
the New Zealand-sourced component.
To access the Australian-sourced component, generally you will need to be 60 or older and satisfy the Australian definition of retirement. To access the New Zealand-sourced component, you will need to reach the New Zealand age of retirement (currently 65 years old).
Pros and Cons
Pros to tranferring:
Keep better track of your retirement savings - Bringing your retirement funds together into one account gives you a consolidated picture of your savings and it’s easier to manage.
Know how much you have in local currency - With all your retirement savings in one place, you’ll know exactly how much they’re worth in your home country.
Save on fees - You may be paying unnecessary administration fees and insurance premiums from your Australian Fund(s), all of which can eat away at your savings. And, if you have your money with more than one provider that’s even more fees you’re paying.
Cons to transferring:
No first home withdrawals: If you’re thinking about moving Australian Super to NZ, keep in mind you can’t use the transferred money for first home withdrawals. That means these transferred funds are locked up until your retirement, just like they would have been if you’d stayed in Australia with a superannuation fund.
Your Australian Super provider you’re transferring from may have exit penalty charges for leaving: We will highlight this for you if this is the case.
Where is my Super?
If you can’t remember who your super was paid to, contact your former employer or colleagues to find out the name of your fund manager. If you have had multiple jobs, you may also have multiple super accounts.
You should also check with the Australian Tax Office (ATO) to see if they are holding any of your super funds. If you changed addresses and your fund manager could not locate you, or changed jobs and had a small account balance, the funds left behind can be transferred to the ATO.
The Money Smart website provided by the Australian government helps you find your lost Super and consolidate it. We strongly suggest that all clients go through this process, before lodging a transfer.
Is there a cost to transferring my money?
We do not charge a fee to help you with the transfer of your Australian Super to your KiwiSaver.
Your Aussie Super savings will be converted to NZ dollars, deposited to your KiwiSaver Scheme account and invested according to your chosen investment direction.
How can compound Wealth help me?
We will help you weigh up the pros/cons of the transfer by analysing your current Australian Super investment and recommending a KiwiSaver strategy that best fits your goals going forward. If you’d like to know more about the process of transferring, please get in touch - we’d love to hear about your situation and help make the process of moving your Super over to KiwiSaver a smooth one.
In Australia, there’s AU $13.8 billion in lost or unclaimed superannuation. Is some of it yours?
Worked or lived in Australia?
If you’re a Kiwi who’s worked in Australia since 1992, you could have thousands of dollars in Australian Superannuation still stuck across the ditch.
The good news is that under the Trans-Tasman Portability (TTP) agreement between Australia and New Zealand, members of certain Australian superannuation schemes who have permanently immigrated to New Zealand are able to transfer their savings to a compatible KiwiSaver Scheme.
At Compound Wealth we help to take the hassle out of the process, which requires complicated forms, liaising with Australian superannuation fund managers and dealing with contact centres during Australian office hours to get the job done. We advise you on different KiwiSaver strategies and highlight the pros/cons of transferring your Australian Super to New Zealand. If you’d like to speak with us directly now, please reach out here.
What is ATO-Held Unclaimed Super money?
When an Australian super fund can no longer locate you, or your account is deemed an inactive low balance account, they are required to transfer the funds to the Australian Tax Office. Money transferred in these circumstances is known as ATO-held USM.
New Zealand permanent residents and citizens who have worked in Australia and received superannuation contributions may be able to have any ATO-held unclaimed super money (USM) transferred to their KiwiSaver scheme.
Transferring ATO-held unclaimed super money
You may be able to have your ATO-held USM transferred if all of these conditions are met:
you have permanently emigrated to New Zealand and have worked in Australia and received superannuation
you're a New Zealand citizen who has worked in Australia and received superannuation
your unclaimed superannuation money is held by the ATO
you can provide enough information for us to be satisfied that the money being held belongs to you. For more information, see searching for lost super.
How can Compound Wealth help me?
If you do have ATO-held super money or any Australian Superannuation money and would like assistance transferring it to a New Zealand KiwiSaver provider. Please complete the form on this page here to start the process today or book in a time to speak with us to let us know your situation or you can always email advice@compoundwealth.co.nz if you have any questions.
Compound Wealth is a KiwiSaver, Retirement and Private Wealth Financial Advice Firm based in Mount Maunganui, Bay of Plenty with clients all over New Zealand.