Finding Your Lost Aussie Super has never been easier!
Soon New Zealanders will be able to repatriate their locked in Australian retirement funds.
Since 1992, if you have worked in Australia and contributed to the Australian Superannuation Guarantee (ASG) System, employers have had to contribute 9 percent of wages into a locked-in retirement savings account under ASG. New Zealanders who have worked in Australia and accumulated compulsory pension contributions under the ASG are currently unable to repatriate their savings to New Zealand before reaching Australian age of retirement.
With the advent of KiwiSaver, the New Zealand and Australian governments have judged KiwiSaver as mutually compatible with the ASG, allowing savers to transfer their accounts between countries. Legislation allowing this was passed in 2009 will not be introduced until mid to late 2010, so you will not be able to transfer right now to your KiwiSaver. By getting ready early will make it easier when the time comes.
But, what if I have lost my Aussie Super?
It is estimated that up to 25% of lost funds could belong to New Zealanders who have now returned home.
It could be as simple as changing jobs, had multiple jobs at the same time, you changed your address or your name. When a regular super fund can no longer locate you, they may transfer your super to an Eligible Roll-Over Fund.
Australians have been encouraged over the years to find “lost” superannuation with a number of online search engines including the Australian Tax Office (ATO). With these changes, once you locate your “lost super”, you will ultimately be able to transfer it to KiwiSaver.
As legislation will not be introduced until 2009, you can’t transfer right now to your KiwiSaver. But…. You can be proactive and get sorted by tracking down any Australian Super funds that you have lost track off by using Grosvenor KiwiSaver FREE service called Super Tracker.
Tracking down your super is easy using Grosvenor’s Super Tracker!
You only need to click here super search form to download the appropriate form and return it to Thorner Financial Services by email, fax or mail. Thorners will arrange a search on your behalf.
This is a no obligation service and there is no charge to you. Thorners will contact you to let you know the outcome and discuss your options.
What if I don’t have lost or unclaimed super?
Unlike KiwiSaver, in Australia you can have multiple super funds. It may be appropriate for you to consolidate your entire super into one fund. This will result in paying just one set of fees and charges which could save you money and will make managing your super easier. Alternatively you may have one super that you do not have the information about your savings at your finger tips. Online reporting systems can provide you with all the information that you require.
To make a difference to your super, talk to Thorners soon.
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