Portable super from Oz a step closer

The Australian senate has passed legislation allowing returning New Zealanders to bring their retirement savings with them.

The legislation is expected to take effect from July 1, 2013.

Now, Kiwis who work in Australia must contribute to an Australian complying superannuation fund.

However, the money is locked into the scheme until they reach retirement age.

Under the new rules, savings from certain Australian funds will be able to be transferred into New Zealand KiwiSaver funds – and vice versa.

Finance Minister Bill English welcomed the news of the senate's move.

“I acknowledge Australia’s support for this important next step in the single economic market programme between our two countries,” he says in a statement. 

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