Tasman opened to retirement savings flows
The Federal Government has put the final pieces of the trans-Tasman retirement savings portability scheme in place, with New Zealand and Australian governments exchanging diplomatic notes.
From 1 July this year Australians and New Zealanders moving between both countries will be able to consolidate their retirement savings and avoid paying fees and charges for separate accounts.
Around 50,000 New Zealanders moved to Australia in the past 12 months while 16,000 people living in Australia moved to New Zealand.
"This scheme is an important step towards removing a barrier to labour mobility between the two countries, and supports our closer economic relations with New Zealand," the Minister for Financial Services and Superannuation, Bill Shorten, said.
The scheme allows individuals to transfer separately identifiable retirement savings between certain Australian super funds and New Zealand Kiwisaver schemes, with voluntary participation for both funds and members.
New Zealand retirement savings transferred to Australia will be treated as non-concessional contributions and will generally be preserved until the New Zealand superannuation qualification age — 65.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
