Transferring your Australian Super to your KiwiSaver

In Australia, there’s almost AU$18 billion in lost and unclaimed superannuation. Is some of it yours?

If you’re a Kiwi who’s worked in Australia since 1992, you could have thousands of dollars in Australian Superannuation still stuck across the ditch.

The good news is that under the Trans-Tasman Portability (TTP) agreement between Australia and New Zealand, members of certain Australian superannuation schemes who have permanently immigrated to New Zealand are able to transfer their savings to a compatible KiwiSaver Scheme.

At Compound Wealth 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. We advise you on your current KiwiSaver strategy and highlight the pros/cons of transferring your Australian Super to New Zealand.

What are the benefits of transferring your Australian Super to your KiwiSaver account?

• 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. And, if you have your money with more than one provider that’s even more fees you’re paying.

• 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.

What are the negatives of transferring your Australian Super to your KiwiSaver account?

• Potential exit penalties: Your Australian Super provider you’re transferring from may have exit penalty charges for leaving. We will highlight this for you if this is the case.

• No first home withdrawals: If you’re thinking about moving Australian Super to NZ, keep in mind you can’t use the transferred money for first home withdrawals. That means these transferred funds are locked up until your retirement, just like they would have been if you’d stayed in Australia with a superannuation fund.

• Fees: KiwiSaver funds may have higher fees than Aussie funds, and this reduces any growth of any funds you transfer from Australian Super to KiwiSaver.

How can Compound Wealth help you?

We will help you weigh up the pros/cons of the transfer by analysing your current Australian Super investment and recommending a KiwiSaver strategy that best fits your goals going forward. As the process is quite administrative we help you compile the relevant documents required to start the transfer process. We have helped numerous clients, regain control of thousands of their dollars and successfully transfer them to their KiwiSaver accounts.

Is there a cost to transferring my money?

We won’t charge you anything to transfer your Australian Super if you choose to transfer your Australian Super to one of our preferred KiwiSaver providers. We currently work with the ANZ KiwiSaver Scheme, AMP KiwiSaver Scheme, AON KiwiSaver Scheme, Booster KiwiSaver Scheme, CareSaver KiwiSaver Scheme, Fisher KiwiSaver Scheme, Generate KiwiSaver Scheme, KiwiWrap KiwiSaver Scheme, Milford KiwiSaver Scheme, Nikko KiwiSaver Scheme, Summer KiwiSaver Scheme and the Superlife KiwiSaver Scheme. If you choose to transfer to a KiiwSaver provider not on this list then we will charge you a fee for the time spent organising the transfer.

Your Australian Super savings will be converted to NZ dollars, deposited to your KiwiSaver Scheme account and invested according to your chosen investment direction.  

Who has my Super?

If you can’t remember who your super was paid to, contact your former employer or colleagues to find out the name of your fund manager. If you have had multiple jobs, you may also have multiple super accounts.

You should also check with the Australian Tax Office (ATO) to see if they are holding any of your super funds. If you changed addresses and your fund manager could not locate you, or changed jobs and had a small account balance, the funds left behind can be transferred to the ATO.

The Money Smart website provided by the Australian government helps you find your lost Super and consolidate it. We strongly suggest that all clients go through this process, before lodging a transfer.

Click here to go to the Money Smart website.

So what are you waiting for?

Complete the KiwiSaver fact find below to start the process today.