Thanks to the close economic ties connecting the two countries, it’s relatively easy to keep the benefits of your superannuation even when you cross the ditch. Before you do this, however, it’s important to discuss your plans with a reliable financial advisor, who can help you work out the best way forward. Depending on your plans, it’s not always the best idea to take your money with you.
There are a few complex eligibility requirements that need to be considered. Only some funds participate in the scheme, for instance, and your money can only be transferred and held by a complying APRA-regulated fund. Additionally, retirement savings that cross the Tasman are subject to a mixture of Australian and New Zealand laws, which can make your superannuation more complicated to manage unless your retirement plans are in line with what the scheme was designed for.
Before taking any irreversible steps that you might regret later on, it’s best to make sure you’re fully aware of the situation. If you’d like to develop a comprehensive plan of action, we’re here to help.