- November 13, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: Financial Planning for Superannuation Funds Upon Relocation
Introduction
After living in Australia for the past decade, I recently moved back to Wellington to pursue an electrical apprenticeship. Upon my return, I have two super funds – one in Australia and one with KiwiSaver. With a plan to return to Australia after completing my apprenticeship, I am seeking the best options for managing these funds.
Current Situation
In Australia, I had a steady job earning approximately 85,000 AUD before bonuses. My Australian super fund currently holds approximately 48,000 AUD, while my KiwiSaver fund in New Zealand has about 30,000 NZD.
Future Plans
Upon completing my apprenticeship in approximately four years, I intend to move back to Australia. As I navigate this transition, I am unsure about the best course of action for my super funds.
Options to Consider
I am uncertain whether leaving the funds as they are or consolidating both into my KiwiSaver account would be the most beneficial in the long run. I also want to understand how to manage these funds upon my return to Australia.
How AI Legalese Decoder Can Help
Using AI Legalese Decoder can assist in deciphering the complex legal and financial jargon often associated with managing super funds across different countries. It can provide clear and simplified explanations of the various options available for handling superannuation funds during relocation. Additionally, it can offer insights into the potential tax implications and regulatory considerations associated with consolidating or leaving the funds as they are. This tool can ultimately aid in making well-informed decisions regarding the management of super funds, both in New Zealand and Australia.
Conclusion
By utilizing AI Legalese Decoder, I can gain valuable clarity and guidance on the best course of action for managing my superannuation funds during my transition between countries. This will enable me to make informed decisions that align with my long-term financial goals and aspirations.
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****** just grabbed a
On the Australian one make sure life insurance is turned off as itÔÇÖs not valid while not a resident, so premiums will be wasted.
IÔÇÖd leave them both separate and transfer the KiwiSaver to Aus when you move back.
You can continue with 2. If you’re returning to AU you may as well continue with one there. I have one in AU that has been ticking over since I moved back to NZ 10 years ago
Hi Mikeyfmx,
Considering your plan to return to Australia in approximately four years, you may have to maintain your funds as they are currently. Typically, transferring your Australian Super to KiwiSaver or consolidating both accounts into KiwiSaver requires permanent migration to New Zealand. Since your situation involves returning to Australia in the future, this might not be an option for you.
One important thing to consider is the insurance premiums in your Australian super scheme. Some superannuation funds have default insurance premiums built in, and these can add to your costs. You should check whether these insurance premiums apply to your Australian super and, if so, whether you can opt-out to reduce unnecessary expenses.
Hope this helps.
Regards, Clive Fernandes (Financial Adviser)
Director – National Capital
Disclosure: I am the director of National Capital, a KiwiSaver advice firm. The information in this post is only general in nature and is not personalised financial advice. Please contact us if you want financial advice.
I agree with the others, no reason to rush in to joining them together. See where you end up in a few years.
But do look into if you are in the right fund for your age and stage.
If you’re going to return to Aus, just leave it. Diversifying isn’t a bad thing
Just be aware last I did it there was a time limit on transferring from AUS (4 years?)
how did you get your electrical apprenticeship?