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New Zealand and Australia both have retirement schemes called superannuation, but it turns out there are some big differences between the two. If you are planning to move from New Zealand to Australia, it’s worth taking note.
Both countries have retirement schemes called ‘superannuation’ – or ‘super’ for short. But in New Zealand, superannuation usually refers to the retirement scheme provided by the government. (The equivalent government retirement scheme in Australia is called the Age Pension.)
Superannuation in Australia is where employers and employees make contributions to a retirement savings account during their working life. It’s similar to KiwiSaver in New Zealand.
In both countries you can choose which KiwiSaver (New Zealand) or superannuation (Australia) fund you’d like your contributions to go to.
Both countries allow you to use your KiwiSaver or superannuation towards a deposit for your first home. However, there are differences.
You must be in KiwiSaver for at least 3 years before you withdraw funds for your first home.
You can withdraw:
You must leave $1,000 in your KiwiSaver fund.
Funds transferred from an Australian Complying Superannuation scheme cannot be withdrawn.
> More on KiwiSaver savings for first home
> More on KiwiSaver and Australian FHSS
Are you now living overseas?
> Read more
> More on KiwiSaver Transfers
> Transfers back to New Zealand
If you’ve moved to Australia from New Zealand, or you’re planning to in future, why not bring your KiwiSaver across the ditch?
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