With your funds tied up in your Australian Super, you could be doing your KiwiSaver a disservice. If you’re interested in bringing your super home, here’s an easy way to do it!
Deciding whether to transfer your Aussie Super to KiwiSaver (that’s the article we wrote on it) is a decision that shouldn’t be made lightly – we recommend looking at the big picture and talking to an Adviser to work out the best situation for you.
Before transferring any Australian Super savings to a KiwiSaver scheme, you should carefully consider or seek advice about the consequences of doing so including:
- any exit fees charged by the transferring fund
- the loss of any insurance entitlements
- the different rates of tax that may apply to your retirement savings
This article is not intended to replace Financial Advice, but to provide some factual information on the transfer process.
If you have decided it’s the right move, here’s how to get started:
- First, make sure you are a member of a New Zealand KiwiSaver scheme that can accept Australian transfers (let us know if you’re not a KiwiSaver member and we can help sign you up).
- Then, gather up your Australian Super membership details:
- How many accounts do you have
- What the name of the fund is (e.g. AMP, Enterprise Super, Commonwealth etc.)
- What your membership number is for each
- Your Tax File Number
- Your last known address in Australia
- If you don’t know where your super is, you can check with the ATO who can advise you of your provider, or in some cases the ATO may now be holding your funds directly.
- If you have multiple Australian Super accounts, it might be easier to combine them all into one account in Australia, then complete the transfer to your New Zealand KiwiSaver. Your KiwiSaver Adviser (i.e. us!) can help you figure this out.
- Request the transfer forms from your KiwiSaver Adviser (that’s us!). You’ll need to fill these in and get everything witnessed by a JP or similar, then get the forms back to us and we can handle the paperwork from there. Depending on the provider there will be different documentation required – we have experience with this so can help get you the right forms the first time, saving you time and hassle going back and forth to the JP!
- Once all the forms are done, you can sit back and wait for the magic to happen. The transfer can take several weeks or even two to three months. You’ll also need to bear in mind that you won’t really be able to have a say over the exchange rate – it will be processed at the exchange rate on the day of the transfer, which is in the hands of the providers.
- Voila, your KiwiSaver account now looks a little (or a lot) more healthier!
Ready to talk to an Adviser?
We are here to help you make the right decision and take care of the paperwork for you. We’ll oversee the whole process and be in touch with you when we need you to sign anything or provide information.
Who pays for this?
If you are a KiwiSaver client of ours, this is all part of our service to you. If you are not a client but could be interested in the service we’d be happy to discuss your options.
Contact us today and we’ll be happy to discuss your situation in a no-obligation, stress-free chat.
