(courtesy of Fisher Funds).
It has been a while since we provided an update on the Trans Tasman portability of your Super and this hasn’t been because we have forgotten about it. Unfortunately the process is taking a little longer than everyone initially anticipated. The required legislation has been passed in New Zealand and we are waiting for Australia to do the same in order to keep the process moving.
The Australian Treasury office has recently confirmed that they have reached the drafting stage for the scheme legislation which will allow the return of retirement savings to New Zealand workers whose super has been locked in Australia since they returned to New Zealand.
Whilst this is a great step forward we will still have to wait until the legislation is passed in Australia and think that this may not be until early 2012. However we will continue to keep you updated on progress.