Trans-Tasman Portability allows retirement savings held with some Australian complying superannuation funds to be transferred to participating KiwiSaver schemes and vice versa.
We are here to help you
Super-Advice has been helping Australians who permanently emigrate to New Zealand, and New Zealanders who have worked in Australia who have moved home permanently, to move their superannuation into a KiwiSaver plan. We have been facilitating transfers since legislation’s inception making us one of the most experienced firms at TTP transfers in New Zealand.
We help to take the hassle out of a process, which requires complicated forms, liaising with Australian superannuation fund managers and dealing with contact centres during Australian office hours to get the job done.
Super-Advice will then be there for you to assist with any questions or advice you may require about your KiwiSaver investments for your retirement saving journey.
Some things to consider when transferring Australian superannuation into a KiwiSaver plan
The rules applying to Australian retirement savings (the original amount only) transferred into a KiwiSaver plan will differ from the KiwiSaver rules in the following ways. Transferred Australian retirement savings:
• will be locked in until you reach age 60 and retire
• won’t be available for a first home withdrawal
• won’t be counted for the Government member tax credit annual contribution
• can’t be transferred or withdrawn if you permanently emigrate to another country.
Otherwise, the KiwiSaver rules will apply to those savings. Any positive investment performance on your Australian retirement savings in a KiwiSaver account will follow standard KiwiSaver rules.
Why transfer your Australian retirement savings into a KiwiSaver plan?
• Save on fees – You may be paying unnecessary administration fees and insurance premiums from your
Australian Fund(s) – all of which can eat away at your savings.
• Keep better track of your retirement savings – Bringing your retirement funds together into one account gives you a consolidated picture of your savings – and it’s easier to manage.
• Know how much you have in local currency – With all your retirement savings in one place, you’ll know exactly how much they’re worth in your home country.
For more information on transferring Australian super to New Zealand under the Trans-Tasman Portability (TTP) scheme, please contact us by filling out a quick form http://super-advice.co.nz/super-transfers/form/ or email [email protected].
You can also look at our website http://super-advice.co.nz/super-transfers/ to see what the process involves.