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. 


Got a question about this story? Leave it in Comments & Questions below.


This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7180 0.0000 0.00%
AUD 0.9365 0.0000 0.00%
EUR 0.6765 0.0000 0.00%
GBP 0.5786 0.0000 0.00%
HKD 5.5723 0.0000 0.00%
JPY 80.9810 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1234.8 -4.300 2017-02-17T00:
Oil Brent 56.1 0.140 2017-02-17T00:
Oil Nymex 53.8 0.020 2017-02-17T00:
Silver Index 18.0 -0.040 2017-02-17T00:

Indices

Symbol Open High Last %
NZX 50 7100.0 7103.8 7100.0 -0.09%
NASDAQ 5807.3 5838.6 5814.9 0.41%
DAX 11759.6 11775.4 11757.2 -0.00%
DJI 20564.1 20624.0 20619.8 0.02%
FTSE 7277.9 7307.1 7277.9 0.30%
HKSE 24077.9 24106.3 24107.7 -0.31%
NI225 19228.7 19275.4 19347.5 -0.58%
ASX 5816.3 5819.9 5816.3 -0.18%