How to Move KiwiSaver Funds to Australian Super
Considering a move from New Zealand to Australia or somewhere else? You’re not alone.
According to Stats NZ migrant departures from New Zealand are up 31% for the provisional March 2024 year compared with the March 2023 year.
In the year ended September 2023, migrant departures from New Zealand to Australia made up 53% of all New Zealand citizen migrant departures. That over half of all New Zealand migrants ending up in Australia. While there are plenty of Australians jumping the ditch and migrating to New Zealand, traditionally there has been a net migration loss from New Zealand to Australia.
If you’re one of those Australian’s moving to New Zealand and want to know more about KiwiSaver, please feel free to complete our Australian Super to KiwiSaver form, or get in touch with us, or you can read our blog on moving Australian Superannuation to KiwiSaver here.
For New Zealanders that are considering making the move to Australia or elsewhere overseas, what will happen to your KiwiSaver funds?
Transferring KiwiSaver to Australian Superannuation Scheme
If you move permanently to Australia, you can transfer your KiwiSaver savings to an Australian superannuation scheme. You do not have to transfer your KiwiSaver savings to Australia though. If this is something you’d like to do you will need to contact your KiwiSaver provider if you decide to transfer your KiwiSaver savings. They can take you through the process.
Transferring KiwiSaver to another overseas Superannuation Scheme
After you've been living overseas (not Australia) for 1 year, you can take most of the savings from your KiwiSaver account. You can withdraw:
your contributions
your employer's contributions
the $1,000 kickstart (if you got it)
fee subsidies (if you got these)
interest you have earned.
However, you cannot take out any of the government contributions.
You can apply to your Scheme Provider to have your KiwiSaver savings transferred to an approved foreign superannuation scheme. The scheme must comply with regulations under the KiwiSaver Act 2006 Section 228(e)
What about Moving Superannuation Funds to a New Zealand KiwiSaver Scheme
After moving to New Zealand, you will be eligible to join KiwiSaver when you are both:
a New Zealand citizen, or entitled to live in New Zealand indefinitely
you live or normally live in New Zealand
You cannot join KiwiSaver if you have a temporary, visitor, work or student visa. If you meet the criteria for joining KiwiSaver and would like advice and fund recommendations, please complete our KiwiSaver Discovery Quiz and book in a time to speak with us.
If you do not meet the criteria for joining KiwiSaver, but have retirement savings or a lump sum you’d like to invest we may still be able to help you. Please book in a quick 5-minute call to discuss your options or you can complete our Investment Discovery Quiz.
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.
For more information about the topics discussed in this blog, please refer to these webpages: