Thousands of us spend time living and working overseas (particularly in Australia). The decision to return home involves lots of decisions, finding employment, a home, getting kids settled, shipping household items etc. Many forget their hard earnt Super.
If you’ve worked overseas and now are back in New Zealand, it may be worth checking your overseas retirement savings balance. If moving from Australia, under the Trans-Tasman Retirement Savings Portability Scheme, eligible Australians and New Zealanders can generally transfer retirement savings between complying Australian superannuation funds and participating New Zealand KiwiSaver schemes (subject to rules from both countries).
Bringing your retirement savings home
Depending on your circumstances, there may be documentation to complete, identity verification requirements, communication with your Australian super fund, and ensuring your chosen KiwiSaver provider accepts transfers under the portability scheme.
Every situation is different, so understanding your options before making the transfer decision is important.
It’s also important to understand what happens once your savings arrive in New Zealand. Australian transferred funds remain subject to specific rules, particularly around when those transferred amounts can be accessed. Before making any decision, it’s worth understanding how these rules fit with your long-term retirement plans.
We can help you understand your options, get guidance for you through the transfer process where appropriate, and ensure your KiwiSaver and retirement savings are working together as part of your overall financial strategy.
This article is intended for general information only and does not constitute personalised financial advice. Whether transferring overseas retirement savings, including Australian superannuation, is appropriate will depend on your individual circumstances, retirement goals and the rules that apply to your fund. Before making any decisions, we recommend seeking personalised advice to ensure you understand your options and the potential implications.