Q: I was wondering how I could retrieve my funds from KiwiSaver and convert it to my Australian superannuation?
A: The rules changed for moving superannuation savings between Australia and New Zealand nearly three years ago.
Previously it was possible to cash up your KiwiSaver contributions a year after moving to Australia permanently.
Any member tax credits and the $1000 kickstart were refunded to the Government. The new rules mean you can take all the funds with you to an Australian superannuation provider. You can do this as soon as you move to Australia as long as you show your KiwiSaver provider proof you've moved permanently.
So let's dive into the fine print.
KiwiSaver money can only be transferred to a complying fund regulated by APRA, the government body overseeing banks, insurance companies and the superannuation industry. It can't be put into a self-managed fund.
You can check whether your Australian fund is eligible to take a KiwiSaver transfer at superfundlookup.gov.au.
You will have to shift everything in your KiwiSaver account, meaning you can't have some of your KiwiSaver money in Australia and some in New Zealand.
Any KiwiSaver money transferred into your Australian superannuation fund will only be available to you when you reach the New Zealand eligibility age of 65, five years later than you may be able to get funds you saved in Australia.
Once the KiwiSaver funds have moved to Australia you can't take them to a third country.
But it is not compulsory to move your KiwiSaver money to Australia when you leave New Zealand. Your KiwiSaver account can remain open, although you won't receive any member tax credits while you're not living in New Zealand even if you make contributions.
It is also not compulsory for Australian superannuation providers to take your KiwiSaver funds. In fact few do.
There is no official list of which providers in Australia accept KiwiSaver transfers, but industry body Workplace Savings NZ tries to keep track of the companies that accept KiwiSaver money.
In July last year it said First Super, Christian Super, Emplus Super, Lucrf Super, WA Super and Telstra Super took KiwiSaver transfers.
A reader commenting on a story about KiwiSaver transfers to Australia at superguide.com.au said he wasn't able to move his funds out of WA Super to another Australian provider because it wouldn't accept the KiwiSaver portion, which made up most of his investment.
It's worth keeping that in mind if you decide to use the limited number of Australian providers offering to take KiwiSaver transfers.
If you aren't happy with the service or investment returns you may find it difficult to shift your money to another provider.