Published: 09 Jul 2019
Queensland is home to more New Zealanders than any other state in Australia. By a long shot.
So it’s not surprising that one of our top member email queries is from New Zealanders asking to transfer their KiwiSaver super account to an Australian super fund.
It’s a stat that’s worth mentioning only because just a handful of Australian super funds actually accept KiwiSaver transfers.
Thankfully, Energy Super’s one of them.
Energy Super welcomes KiwiSaver transfers
A KiwiSaver scheme is basically the New Zealand equivalent of an Australian super fund. Since 1993, Australians and returning New Zealanders could transfer their Aussie super to a KiwiSaver account. In turn, New Zealanders could also transfer their super from the KiwiSaver scheme to an Australian super fund.
It’s not compulsory for Australian super funds to accept KiwiSaver accounts, which is why so few super funds offer the service.
Energy Super proudly welcomes transfers from KiwiSaver money held in New Zealand or in an Australian super account. Bringing all your accounts together is one of the simple ways you can grow your super, which is our top priority as a super fund.
Some things you need to know
Not surprisingly, there’s a bunch of rules (of course there is: this is super) – on both sides of the ditch.
Here are the key points to know:
- You need to have left New Zealand and be a permanent resident of Australia.
- We’ll need to set up a separate Energy Super account for you so we can make sure this money complies with KiwiSaver transfer rules and conditions of release.
- The amount of money transferred will be the Australian Dollar equivalent of the New Zealand Dollar amount received, allowing for the currency conversion at the date Energy Super receives the money.
- If you transfer the money via EFT, the conversion is automatic. If you use a cheque, the conversion rate is as per the day the cheque is deposited. We’ll advise you of the transfer within five working days of applying the money to your account.
- The KiwiSaver amount can only be transferred in full.
- The transfer amount is subject to the non-concessional cap ($100k per year, up to $300k over 3 years for under-65s) when first transferring to the Australian super system.
- You’ll need to supply us with your Australian Tax File Number (TFN) and New Zealand Inland Revenue (IRD) number. We can’t accept the transfer without them.
- You won’t be charged admin fees on your KiwiSaver account, but indirect investment and administration costs will still apply.
- Once deposited, you can’t access your KiwiSaver amount until the qualification age for New Zealand super, which is currently age 65. You can, however, access the interest earned under the Australian rules for the release of super.
Contact us if you or someone you know has a KiwiSaver account to transfer. There are a few moving parts with KiwiSaver transfers and the process can take a little while. We'll step you through the process so you know exactly what to expect.