"Having all of your superannuation funds in one place provides members with a consolidated picture of their retirement savings, which is important in understanding if you're on the right track to achieve the retirement lifestyle you want.
"Because in Australia you can have multiple superannuation accounts we're finding that many customers have superannuation accounts in Australia that they weren't even aware of," Lockyer says.
So, how much of your savings is left?
"Australian superannuation fees vary between providers," she says. "Some providers may also offer life insurance, with the premiums deducted from your superannuation balance.
"These fees and insurance premiums can eat away at your savings. However before you transfer you should review your insurance to ensure you remain protected.
"There are many things you need to consider before transferring your Australian savings to your KiwiSaver account," Lockyer says.
The Financial Markets Authority has recently released some excellent information around transtasman transfers, including questions to ask yourself before swinging into action: tinyurl.com/kiwitransfer.
If you do want to go ahead with a super transfer but you've lost track of your Australia funds, the transfer process can get complicated, says Bruce Kerr, executive director at superannuation industry body Workplace Savings NZ.
Kerr says the first step is to find that missing Australian tax file number (the equivalent of the New Zealand IRD number) by contacting the Australian Tax Office.
The ATO needs to confirm it is talking to the right person so when you call (0061 2 6216 1111) it will ask you for details only you would know.
"In Australia, providers are required to transfer lost super (where they have lost contact with the member, and where the super balance is below $2000) to the ATO," says Kerr.
The ATO estimates there is around $19 billion in lost super, so you're definitely not alone in having funds left behind in Australia.
"Next you will need to go to the Superseeker section tinyurl.com/atosuperseeker of the ATO's website, and follow the instructions to ascertain if they are holding your lost super," Kerr says.
Now, this is where the process gets tricky, he admits.
"The transtasman portability legislation currently only provides for money held in an approved Australian super scheme to be transferred to KiwiSaver.
"It does not cover transfer of money held by the ATO directly to KiwiSaver. So, if you do locate your super you will need to transfer it to an approved super scheme so that it can be transferred to KiwiSaver."
This is complicated more by the fact that you generally need to be living in Australia to open an Australian superannuation account.
"It just so happens that ANZ have put in place processes for ANZ Australia to accept transfers from the ATO, and then enables repatriation to New Zealand," Kerr says. People can consolidate funds before transferring them, or keep them there.
Disclaimer: Information provided is stated accurately to the best of the respondent's knowledge at the time of publication. It is general in nature and should not be construed, or relied on, as a recommendation to invest in a particular financial product or class of financial product. Readers should seek independent financial advice specific to their situation before making an investment decision.
Question
To have your KiwiSaver questions answered by the Herald's panel of industry players email Helen Twose, helentwose@gmail.com. Sorry, but Helen cannot answer all questions, correspond directly with readers, or give financial advice.
