Australia and New Zealand have a shared goal to allow for the Trans-Tasman portability of retirement savings. This shared goal is shown by the Arrangement between the Government of Australia and the Government of New Zealand on Trans-Tasman Retirement Savings Portability.
It is now far easier for people to transfer any lost or unclaimed retirement savings from Australia to New Zealand.
Both Governments agreed to amend the Arrangement in December 2021. The Arrangement now includes that lost and unclaimed retirement savings held by the Australian Taxation Office can be transferred to New Zealand. Recent changes of laws in Australia and New Zealand give effect to this agreement. Retirement savings could only be transferred from Australia to New Zealand from a complying Australian superannuation fund prior to the change.
Background and history
Consultation on the Australian legislation to establish a Trans-Tasman retirement savings portability scheme occurred in 2012.
Legislation
The amendments to Australian law are primarily found in Schedule 2 to the Treasury Laws Amendment (2020 Measures No. 5) Act 2020.