19 Sep 2012

Law change to allow trans-Tasman super access

10:43 am on 19 September 2012

Legislation is being drafted to allow New Zealanders and Australians moving across the Tasman will soon be able to take their retirement savings with them.

Australia's Minister for Financial Services and Superannuation Bill Shorten says the legislation will make it easier for people to move freely between the countries.

Mr Shorten says it will also help consolidate their retirement savings in their country of residence and avoid paying fees and charges on accounts in the two countries.

About 50,000 New Zealanders moved to Australia in the past year.

The proposed legislation will work both ways and permit the transfer of retirement savings between certain Australian superannuation funds and New Zealand KiwiSaver schemes.

The legislation is expected to take effect from July 2013.