28 Jun 13 Trans-Tasman retirement savings portability scheme for individuals
From 1 July 2013, individuals will be able to transfer retirement savings between Australia and New Zealand after their emigration from one country to the other. The transfer of retirement savings is voluntary for members and voluntary for funds to accept.
Retirement savings can be transferred only between a complying super fund regulated by the Australian Prudential Regulation Authority (APRA) and a New Zealand KiwiSaver scheme.
Key features of the portability scheme include:
- individuals may transfer their retirement savings between certain Australian superannuation funds and New Zealand KiwiSaver schemes
- participation is voluntary for members and for superannuation funds and schemes
- retirement savings will generally be subject to the rules in the host country, with some specified exceptions
- transferred savings must be separately identifiable within the account established in the host country, to allow the application of certain source country rules
- New Zealand retirement savings transferred to Australia will be treated as non-concessional contributions and subject to the Australian non-concessional cap arrangements on their initial entry to the Australian superannuation system, and
- New Zealand retirement savings transferred to Australia will generally be preserved until the New Zealand superannuation qualification age, currently 65.
For more information go here.