Aust super schemes not playing ball with KiwiSaver
New Zealanders with superannuation in Australian schemes have been able to transfer it to schemes here - and vice versa - since the beginning of July.
It is compulsory for providers to allow savers to withdraw their accounts but they do not have to receive funds from across the ditch.
But Lockyer, told delegates at the Workplace Savings Forum last week, that some Australian superannuation providers had their resources tied up with dealing with changes in the super scheme landscape there, and were not prepared to engage about portability.
Money that is transferred between countries has to be ring-fenced - in Australia, Kiwi savings can't be withdrawn until the saver turns 65, and Australian funds in New Zealand have to be ringfenced so they can't be used for things such as first-home withdrawals.
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