Why might I want to transfer my Aussie super to my KiwiSaver account?
Lower fees — you’re probably paying at least two sets of fees, so consolidating your super into one KiwiSaver account may reduce the total cost of fees.
Visibility — having your retirement savings in one place makes it easier to keep track of and you can see the value in New Zealand dollars.
Simplicity — making changes to your account, such as managing your investment strategy, is easier when dealing with our New Zealand-based team.
Are there any restrictions or special rules that apply?
There are several important things you should consider before making the decision to transfer your Aussie Super.
Fisher Funds will not charge a fee to transfer your funds, however your Australian provider(s) may charge one. Your Australian provider(s) should notify you of such a fee before you agree to transfer the funds.
You can also compare the types of funds or assets in which you are able to invest. If you would like help in deciding which investment option may be most suitable for you, please let us know and we will be happy to help.
Just like any overseas currency, the amount of money you bring back will be affected by the exchange rate at the time you transfer it and any fees the bank may charge to exchange the currency and transfer the funds.
You will need to contact your Australian Super Provider to obtain the relevant transfer forms to move your Australian Super to your KiwiSaver. If you don’t know who your Australian Super provider is, you can contact the Australian Tax Office (ATO).
Once you have completed the required forms, you will need to send them to your Australian Super Provider(s). Processing times will vary from provider to provider. Some providers issue international cheques which can take up to 21 days to clear. For updates on the transfer, you will need to contact your Australian Super provider directly. We will inform you once your funds have been received.
Once you have transferred your superannuation savings to New Zealand, you cannot reverse the decision unless you decide to permanently move back to Australia.
You should ensure you understand all the fees that apply across all your investments, especially between your Australian and New Zealand providers, so you can consider whether you are better off consolidating your funds or not.
You may have benefits linked to your Australian superannuation savings. It always pays to check what (if any) benefits you may have and the value of these as you may decide you don’t want to give these up.
Superannuation savings originating from Australia that have been transferred to a New Zealand KiwiSaver account will be available when you have reached age 60 and you satisfy the Australian definition of retirement at that age.
You will not be able to access your Australian superannuation savings and use them towards a first home purchase.
This is an important financial decision so take as much time as you need to understand how it will affect you. It may be worthwhile to consult a Financial Adviser to help you understand the risks, benefits and options available to you if you decide to transfer your funds.
How do I transfer my Australian Super?
Please contact your Australian Super provider to obtain the forms you need to move your Australian Super to your KiwiSaver account. Once completed, send them to your Australian Super provider for processing.
If you don't know who your Aussie Super Provider is or don't know your Australian Tax File Number, you can contact the Australian Tax Office (ATO).
If your provider requires Fisher Funds' bank account details and/or confirmation that we will accept the transfer, please contact us.
Please note, if you have more than one Australian super fund then you will need to contact each one.
Can I transfer my unclaimed Australian super to my New Zealand KiwiSaver Provider?
As long as you’re eligible and are a member of the Fisher Funds KiwiSaver Scheme, Fisher Funds TWO KiwiSaver Scheme or Fisher Funds KiwiSaver Plan, you can now apply to transfer any unclaimed superannuation money from the Australian Tax Office (ATO) to your KiwiSaver account. You can learn more here.