Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


ANZ helping customers bring home their Australian Super fund

ANZ leads the way helping customers bring home their Australian Super funds


ANZ New Zealand Investments Limited (ANZ Investments) is working with the trustee of ANZ Smart Choice Super, an Australian superannuation scheme, to help thousands of New Zealanders recover superannuation money currently held in Australia.

The Australian Taxation Office (ATO) has calculated that about $NZ19 billion of superannuation funds in Australia are “lost”[1]. With over 21,000 people moving to New Zealand from Australia in the last year alone[2], a significant portion of these funds could belong to people resident in New Zealand. (When an Australian superannuation account is classified as “lost”, the provider is required to forward details to the ATO.)

Until now, with certain types of lost super, if the value of the funds is greater than $200, there has been no way to recover this money for New Zealanders who have moved home.

An innovative solution has been developed that will enable New Zealanders to recover all superannuation funds held in their name in Australia.

ANZ Global Wealth CEO Joyce Phillips said “ANZ’s super regional capabilities puts us in a great position to help our customers in New Zealand recover their superannuation monies from Australia.

“Recent changes to Trans-Tasman Portability legislation have provided us with the opportunity to simplify the process of consolidating super funds for our Kiwi customers.”

John Body, Managing Director ANZ Wealth New Zealand said: “ANZ has already helped more than 540 customers bring home over $NZ11.4 million of Australian super money under the new rules,” [3].

“Nevertheless, this could be the tip of the iceberg based on the number of Kiwis who have worked in Australia since compulsory superannuation was introduced there in 1992,” said Mr Body.

A recent online survey of 2200 people found that while 9% of them had worked in Australia since 1992, only 6% had actually transferred their Australian superannuation money to a KiwiSaver account in New Zealand[4].

“Because Australian rules prevent people from accessing their superannuation funds until they retire, many New Zealanders simply returned home and left their superannuation funds in Australia. That money has either been surrendered to the ATO or remains with the original Australian superannuation provider.”

In an important first, OnePath Custodians Pty Limited (trustee of ANZ Smart Choice Super) is the only provider to be granted an exemption from some of the rules that have made it difficult to offer Australian superannuation accounts to New Zealand residents.

The exemption allows people resident in New Zealand to open an ANZ Smart Choice Super account in Australia. Then, using an award-winning super-matching tool, ANZ Smart Choice Super identifies superannuation money held in the customer’s name and allows them to consolidate it in a single ANZ Smart Choice Super account in Australia. The customer can then transfer this money to their ANZ KiwiSaver Scheme, ANZ Default KiwiSaver Scheme or OneAnswer KiwiSaver Scheme in New Zealand. Or they can choose to leave the money in the Australian Smart Choice Super account if they prefer.

Mr Body said: “As a starting point, New Zealand customers need to have an existing ANZ, ANZ Default or OneAnswer KiwiSaver account. From there, ANZ can help them through the process of opening an ANZ Smart Choice Super account in Australia.”

“The beauty of this new service is that customers can manage the rollover of their Australian super funds into ANZ Smart Choice Super with a click of a button from their Australian ANZ Internet Banking account – there’s no round of endless forms or fees,” said Mr Body.

The ANZ Smart Choice Super scheme’s “super matching” tool won the prestigious Money Magazine award for Best Innovative Investing Product 2014.

Disclosure:
ANZ Smart Choice Super and Pension is issued by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673), a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ABN11 005 357 522).


[1] https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Lost-and-ATO-held-super/Lost-and-ATO-held-super-overview/

[2] International Travel and Migration: April 2014 – Statistics New Zealand, page 5
[3] Registry report - TTP In as at 240614
[4] Horizon Research, May 2014


ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news