A.            Many New Zealanders have lived and worked in Australia and will have contributed to super schemes over there. Unlike KiwiSaver, you can belong to more than one Australian super scheme, and this can make it challenging to track down your ‘lost’ super. It sounds like you have just one scheme to deal with, which should make things easier for you.

The form you are filling out has been designed by your New Zealand fund manager to meet the requirements of the Australian superannuation schemes. Not all fund managers ask for proof of departure from Australia, so you may very well be able to action the transfer without it. Complete the form as well as you can, and submit it along with all supporting documentation you can provide. You will be contacted if your Australian super scheme wants more information.

Your fund manager plays an important role in transferring Aussie super. They will benefit from having this extra money, as it means more income for them for the fees that they charge. Make the most of their knowledge and the help they can give you. Some KiwiSaver fund managers require that you send the documentation directly to your Australian superannuation scheme provider while others will do that for you, acting as the go-between. 

When the doors were first opened for New Zealanders to transfer their Aussie super to their KiwiSaver accounts the movement of funds was very slow. The process has been speeded up and the Australian provider(s) are now expected to transfer your funds within 30 days of receiving the forms, completed to their satisfaction.

There are various factors to consider when transferring super back to New Zealand. Benefits may include lower fees – if your balance is small, fees may be eating into your Aussie super. For larger balances currency is an important consideration. It would be better to transfer your Aussie super to KiwiSaver when our dollar is weaker against the Australian dollar – obviously the larger the amount you are transferring the more impact this will have. But it is sometimes better to take action when you are motivated to do so, than wait until the ‘right’ currency position, because by then you may have lost your motivation to gather up the information and fill out that form.

Your Australian scheme(s) may have benefits that KiwiSaver does not have, so check up on these before making a final decision. You cannot withdraw any transferred funds for a First Home purchase, but you should be able to access the funds at age 60 if you satisfy the Australian definition of retirement at that age. KiwiSaver funds contributed within New Zealand can’t be accessed until you qualify for NZ Super (or 5 years if you join after the age of 60). 

Particularly for those with smaller amounts it makes sense to consolidate your savings in your KiwiSaver account. You can get information about your scheme and monitor the performance of your fund. It will also be easier to keep track of your savings and you will know what your total retirement savings are in your home currency.