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Budget delivers trans-Tasman super dynamic
One of the least publicised elements of the Federal Budget is likely to have one of the more significant impacts on the superannuation industry - the so-called 'trans-Tasman super deal'.
Under the arrangements announced by the Treasurer, Wayne Swan, the Government has entered into an agreement with New Zealand for the establishment of a trans-Tasman retirement savings portability scheme.
While the two Governments have yet to establish a date for the introduction of the new scheme, it will add a new dimension to the Australian superannuation environment and some challenges for administrators.
Once up and running, the scheme will allow the transfer of superannuation savings between funds in Australia and approved funds in New Zealand.
The move has been broadly welcomed by superannuation industry organisations, including the Australian Institute of Superannuation Trustees, which said it would encourage the free movement of workers between the two countries.
AUTHOR
Mike Taylor
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