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In media release No 2012/061, issued 18 September 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of draft legislation to establish a trans-Tasman retirement savings portability scheme, expected to assist the thousands of Australians and New Zealanders who move across the Tasman Sea.

"The scheme is intended to enhance labour mobility between Australia and New Zealand," Mr Shorten said.

The legislation is expected to be introduced into Parliament later this year, and is likely to take effect from 1 July 2013.

Submissions on the exposure draft close on Friday 28 September 2012.


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