Many New Zealanders spend part of their working lives in Australia and build up retirement savings in the Australian superannuation system. If you later return to New Zealand, you may be able to bring those savings with you by transferring them into your KiwiSaver account.

This option exists thanks to a reciprocal arrangement between the New Zealand and Australian governments, known as the Trans-Tasman retirement savings portability scheme. It allows certain superannuation balances to be moved directly between approved Australian funds and KiwiSaver schemes.

Why transfer?

Consolidating your retirement savings can offer several advantages:

• One account – Fewer accounts means less paperwork and less hassle.

• Easier to track – Having your full balance in one place makes it simpler to set goals and keep an eye on your savings.

• Smoother at retirement – You won’t have to deal with two sets of rules and systems later.

Things to watch out for

• First-home withdrawal – Money transferred from Australia cannot be used to buy a first home.

• When you can access it – Your Australian savings usually stay locked in until age 60. Other KiwiSaver funds can be accessed from 65.

• No transfers overseas – Once your super is in KiwiSaver, it must stay there.

• Provider rules – Not all KiwiSaver providers accept transfers, and some Australian funds may charge fees.

How it works

1. Check eligibility – Make sure both your Australian super fund and KiwiSaver provider participate in the transfer scheme.

2. Apply through your KiwiSaver provider – They’ll give you the forms and list of documents you need.

3. Processing – Your providers handle the transfer directly. It can take several weeks.

4. Transferred funds – The balance will show in your KiwiSaver, marked as Australian-sourced savings.