Australian - New Zealand Agreement
It has been reported that the Australian Treasurer and New Zealand Finance Minister have reached agreement on an arrangement that will allow the transfer of retirement savings accounts between the two countries.
As yet this is at the Memorandum of Understanding stage, but it should not be too long before a set of rules is drawn up and legislation passed, which will allow Kiwisaver funds to be transferred to certain Australian superannuation funds and vice versa.
Australia currently has some $13 Billion in so called ‘lost’ accounts. No doubt there are significant amounts belonging to New Zealanders who have returned home, which after implementation of the arrangement should be able to be returned to its owners.
POSTED: 20-Jul-2009