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16 May 13 Draft Regs for portability of super between Australia and New Zealand

The Government has released a draft regulation to implement a trans-Tasman retirement savings portability scheme.

The Governments of Australia and New Zealand have signed an Arrangement to permit Australians and New Zealanders to transfer their retirement savings when they move between Australia and New Zealand, while preserving the integrity of the retirement savings systems of both countries.

Under the scheme, Australians and New Zealanders will be able to transfer their superannuation benefits between certain Australian superannuation funds and New Zealand KiwiSaver schemes.

With limited exceptions, amounts transferred across the Tasman will be subject to the rules of the host country.

The closing date for submissions is Tuesday 21 May 2013.

 


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