Cole Murray Financial Services

Footer Logos

Australian Retirement Savings

Soon New Zealanders will be able to repatriate up to billions of dollars of locked in Australian retirement funds.

Since 1992, if you have worked in Australia and contributed to the Australian Superannuation Guarantee (ASG) System, employers have had to contribute 9 percent of wages into a locked-in retirement savings account under ASG. New Zealanders who have worked in Australia and accumulated compulsory pension contributions under the ASG are currently unable to repatriate their savings to New Zealand before reaching Australian age of retirement. With the advent of KiwiSaver, the New Zealand and Australian governments have judged KiwiSaver as mutually compatible with the ASG, allowing savers to transfer their accounts between countries. Legislation will not be introduced until late 2009, so you will not be able to transfer right now to your KiwiSaver.  By getting ready early will make it easier when the time comes.

But, what if I have lost my Aussie Super?

One in three Australians have lost or unclaimed superannuation savings. There is an estimated AUD$15 billion sitting in holding or eligible roll-over funds in Australia of which it is estimated that up to 25% of these funds could belong to New Zealanders who have now returned home. The reason for this could be as simple as you having changed jobs, had multiple jobs at the same time or you changed your address or name.  When a regular super fund can no longer locate you, they may transfer your super to an Eligible Roll-Over Fund. Australians have been encouraged over the years to find “lost” superannuation with a number of online search engines including the Australian Tax Office (ATO).  With these changes, once you locate your “lost super”, you will ultimately be able to transfer it to KiwiSaver. As legislation will not be introduced until late 2009, you can’t transfer right now to your KiwiSaver.  But…. You can be proactive and get sorted by tracking down any Australian Super funds that you have lost track off by using our KiwiSaver FREE service called Super Tracker.

Tracking down your super is easy when you contact us!

You can request our lost super search form from us.

What if I don’t have lost or unclaimed super?

Unlike KiwiSaver, in Australia you can have multiple super funds.  It may be appropriate for you to consolidate your entire super into one fund.  This will result in paying just one set of fees and charges which could save you money and will make managing your super easier.  Alternatively you may have one super that you do not have the information about your savings at your finger tips.  To make a difference to your super, talk to us about the ways KiwiSaver can help!

Contact Details

COLE MURRAY GROUP LTD.
200 Eastbourne Street, East
PO Box 12, Hastings
New Zealand

Ph: 06 870 7050
Fax 06 878 5338
Email Cole Murray

Links

We are regularly out on the web. When we find a great site we list it here for you to enjoy.
From the list below choose one of our weblink topics, then select a URL to visit.