It’s estimated that there is ~$5 billion of Kiwi’s funds ‘lost’ in Aussie Super funds. This is usually because that NZer was working in Australia, contributing to a Super Fund and didn’t know exactly where that money was going. When it comes time to leave, they forget about it, and there it sits.
Now the first thing to make clear is, don’t be too hard on the West Island for this. A disturbing amount of Kiwis don’t know where their KiwiSaver is because they have been allocated to a “Default Scheme”.
But if you wanted to tidy things up and you think that stint on the Gold Coast as a bartender might have netted you a bit of savings, then there is a way to bring it back.
Our Advisers work with Generate KiwiSaver who have a whole process for transferring your money into your KiwiSaver scheme. There are a couple of things to consider first though (this list isn’t exhaustive).
First, you won't be able to access your money until you are 60 and you must satisfy the Australian definition of retirement.
Secondly, you won't be able to use the Australian portion for your First Home Withdrawal.
Thirdly, there are some tax differences between the countries. Some difference between how growth in the money is taxed, and some difference between how equities are taxed.
Finally, you must be able clearly label that thing on your bed as a duvet not a doona.
Here are some websites which may help you make an informed decision:
If you'd like to investigate bringing your Australian Super to NZ, the first step is to get your KiwiSaver ready. Chat to your KiwiSaver Adviser and they will help you set up your account.
Then you will need to talk to Generate on 0800 855 322 and they will help you find your funds, understand the ramifications of moving your funds and go through the steps of bringing it back.
I can take up to 3 months to transfer the funds but once they're there, you'll be yeah, nah, yeah, sweet as.
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