As we have covered previously in our blog, Australia and New Zealand have signed an agreement for transferring of superannuation savings between the two countries. The New Zealand Government has been quicker to move and enacted the needed legislation shortly after the Agreement was signed.
The pressure mounted on Bill Shorten, Australia’s Minister for Financial Services and Superannuation, to propose the changes in Australian law. He eventually did so and the draft legislation, which was unveiled on 28 Sep 2012 is likely to come into effect in July 2013.
While it’s only draft legislation so far, it’s an important and welcome step towards the Trans-Tasman retirement savings portability.
"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," Mr Shorten said. We’ll continue to bring you all developments in the saga.