Memorandum of Understanding (MoU) on superannuation portability between the Australian and Cook Islands governments

The Assistant Treasurer met with the Cook Islands Minister for Foreign Affairs and Immigration in Sydney, on 13 November 2024, to sign a Memorandum of Understanding.

The Arrangement between the Government of Cook Islands and the Government of Australia on Shared Retirement Savings Portability is a commitment to set up superannuation portability between the 2 countries.

This will allow affected residents to transfer accumulated retirement savings between each country following permanent migration.

The portability scheme will start with both countries’ agreement following legislative amendment.