tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, March 28th, 10:13PM

News

rss
Latest Headlines

ANZ tackles portability problems

Only about 20% of those who inquire about transferring their Australian superannuation savings to New Zealand KiwiSaver accounts do so – probably because of the hurdles involved, ANZ says.

Wednesday, August 6th 2014, 6:00AM

by Susan Edmunds

It announced yesterday that ANZ Investments is working with the trustee of ANZ Smart Choice Super, to help New Zealanders recover their Australian super savings. It has been possible to move super savings between the two countries since last July, but few people have done so.

ANZ says its new scheme will make it much easier.

OnePath Custodians Pty Limited (trustee of ANZ Smart Choice Super) has been granted an exemption that allows people in New Zealand to open an ANZ Smart Choice Super Account in Australia. Then, it identifies money held in super accounts in that customer’s name and moves it to a single account. The customer can then choose whether to transfer the money to an ANZ KiwiSaver scheme.

It can also access money held by the Australian Tax Office (ATO), which has been very difficult for New Zealanders to get to. People with “lost” super held by the ATO have to have an Australian account to transfer it into but New Zealanders have not previously been able to set up Australian super accounts from this country.

ANZ Wealth NZ managing director John Body said a lot of people had multiple Australian super accounts but they had disengaged with the process of tracking it down as it became harder.

Ana-Marie Lockyer, general manager wealth products and marketing, said the feedback from customers was that it was difficult dealing with the Australian providers, who all had different requirements and different forms to be processed.

Body said ANZ had helped more than 540 customers bring home more than $11.4 million so far. But it is estimated 10% of ANZ customers have Australian savings. He said the small numbers so far had been surprising. “We’re keen to make the process easier for people.”

Lockyer said only about 20% of the inquiries about transtasman portability resulted in funds arriving. “That indicates it’s a laborious process before you get the funds over.”

Body said it was important that people considered their tax position, where they were likely to spend the majority of their working and retirement lives and whether it was the right time from a currency perspective, before transferring their super.

If an ANZ KiwiSaver customer just wanted to find and consolidate their Australian accounts, they could do that and decide later whether to transfer the money to New Zealand, he said.

Lockyer said customers who had their savings in one account said they found it easier to manage. “There have been cases where they had balances in Australia they had not looked at for a long time and ended up paying insurance premiums and feeds they hadn’t realised and in some cases hadn’t even been covered by the insurance.”

« Size helps advisersIFA working on pro-bono offering »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com