Trans-Tasman super scheme draws closer
Tue, 18 Sep 2012 10:40a.m.
The tens of thousands of New Zealanders and Australians who migrate across the Tasman each year should be able to take their superannuation savings with them from next year.
Australia's Superannuation Minister Bill Shorten will release draft legislation in Canberra on Tuesday to set up the trans-Tasman retirement savings portability scheme, The Australian newspaper reports.
The move comes three years after Finance Minister Bill English and Australian Treasurer Wayne Swan signed a memorandum of understanding to set up the scheme.
The Australian says legislation is expected to be introduced into the federal parliament later this year, and the government hopes it will take effect from next July.
Mr Shorten said the scheme was intended to enhance labour mobility between the two countries.
"The new scheme will help Australians and New Zealanders make the most of their retirement savings, as they will be able to take their retirement savings with them across the Tasman when they move," he said.
"This will make it easier for people to move freely between the two countries, help consolidate their retirement savings in their country of residence and avoid paying fees and charges on accounts in the two countries."
In the 12 months to July 31, a record 53,900 people left New Zealand to live in Australia, while 14,000 migrated from Australia to NZ.
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