If you have worked across the Tasman in Australia after 1992, then you’ll likely have accumulated an Australian Super in an Australian Superannuation fund.
From 1992, employers in Australia have been required to make contributions on behalf of their employees just like we do here in NZ for KiwiSaver accounts. In July 2014 the employee contribution was set by the Australian Government at 9.5%.
If you’ve since moved back to New Zealand, you might have already transferred your Super into your KiwiSaver account. If you haven’t or are unsure where to begin, we can help!
According to AMP’s Australian Super Transfer Guide, “In New Zealand, you can only have one KiwiSaver scheme account. However, in Australia, it is possible to have more than one Australian Super account. If you find out you have multiple accounts, you may be able to consolidate them into one account in Australia, which will make it easier to transfer the savings to your KiwiSaver scheme account.”
It’s important you follow up on any potentially unsupervised Super savings you’ve left behind, as you never know what it could end up costing you. Stuff published a story at the start of August about a New Zealander who finally checked on the Super she had left in Australia and learned she had been charged $5000 for an Australian Life Insurance policy that she no longer needed as she had returned to New Zealand. The same woman had another Superannuation investment in which similar withdrawals had left her with much less than expected.
Fear not, however, if you have moved back to New Zealand and you want to transfer that Aussie Super into your KiwiSaver account where it can work for you at home, we can help. Your first step is as simple as talking to our KiwiSaver Specialist, Jermaine Cooper.
The whole process can take up to three months, so you better get moving!
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