The Australia and New Zealand Superannuation Agreement is a significant development in the retirement savings landscape of both countries. The agreement allows citizens of Australia and New Zealand who have lived and worked in either country to transfer their retirement savings between the two countries.
The agreement, formally known as the Trans-Tasman Retirement Savings Portability Agreement, was signed in 2009 and came into effect in July 2013. It was designed to make it easier for people to move between Australia and New Zealand without losing their retirement savings.
Under the agreement, citizens of Australia and New Zealand who have lived or worked in either country are able to transfer their retirement savings between the two countries. This means that people who have worked in both countries can consolidate their retirement savings into one account.
The agreement also allows people to access their retirement savings when they move permanently to the other country. This means that people who have retired in Australia can move to New Zealand and still receive their retirement income.
The Australia and New Zealand Superannuation Agreement has been beneficial for both countries. For Australia, it has allowed people who have lived and worked in New Zealand to consolidate their retirement savings into an Australian superannuation account. This has helped to boost the Australian superannuation industry and has increased the amount of funds available for investment.
For New Zealand, the agreement has allowed people who have lived and worked in Australia to transfer their retirement savings back to New Zealand. This has helped to increase the amount of savings available for investment in New Zealand and has boosted the New Zealand retirement savings industry.
In conclusion, the Australia and New Zealand Superannuation Agreement is a significant development in the retirement savings landscape of both countries. The agreement has made it easier for people to move between Australia and New Zealand without losing their retirement savings and has boosted both countries` retirement savings industries. If you have lived and worked in either country, take advantage of this agreement to consolidate your retirement savings and plan for a comfortable retirement.