KiwiSaver transfers from Australia still a drag

Trans-Tasman portability of superannuation funds has been possible since 2013. Funds can be transferred to KiwiSaver schemes.

But Jeremy Hoskin, of Super-Advice, which helps with the process, said many people were still being left frustrated.

“With more New Zealanders returning than going to Australia, this service is really ramping up,” he said. “The common thread is the absolute frustration from people who have tried unsuccessfully to gain access to their funds. There appears to be administrative roadblocks put in place to deter people from getting their money across to New Zealand.”

He said his firm had helped move about $1.5 million in super savings so far. The biggest transfer was $500,000.