18 Jul 2008

Trans-Tasman savings plan closer

6:58 am on 18 July 2008

An agreement to ensure retirement savings can be transferred between New Zealand and Australia is expected to be completed by October.

Finance Minister Michael Cullen on Thursday held his first formal bilateral talks with Australian Treasurer Wayne Swan.

Dr Cullen says progress on the agreement is important to facilitate the free flow of people across the Tasman.

He says the Government is now confident that KiwiSaver and complying Australian superannuation accounts are mutually compatible, and that outstanding policy issues can be addressed.

Dr Cullen says under the agreement, host country rules will apply, but there will be some exceptions.