Australian superannuation fund First Super has broadened its public offering with a new exclusive partnership to promote its capacity to accept KiwiSaver transfers for New Zealanders moving to and living in Australia.
The agreement is with the respected and well-established firm NZRelo, the premier provider of relocation and migration advice and information for people moving permanently from New Zealand to Australia.
NZRelo and its Australian subsidiary currently have the fourth largest Australian employment website, with 140,000 monthly users and significant social media penetration to 1.7 million different social media accounts.
An agreement between the Australian and New Zealand governments allows New Zealand residents who permanently resettle in Australia to transfer their KiwiSaver accounts to complying superannuation funds. This is a popular option for migrants as the New Zealand Inland Revenue’s tax on investment earnings in KiwiSaver accounts is 28% for non-residents compared with 15% for Australia superannuation accounts.
First Super CEO Bill Watson said today that the partnership initiative was the next step in the evolution of the fund.
“Our partnership with NZRelo, the leader in relocation services information, will help New Zealanders who have migrated across the ditch to consolidate their KiwiSaver balances into our high-performing Australian super fund and benefit from the associated tax advantages.
“This innovation should help our Fund to continue to grow and provide a compelling offering to thousands of New Zealanders who every year make Australia home, work, pay taxes, and contribute to our society.”
First Super has prepared for the partnership by establishing a live chat facility on its website, with dedicated staff to manage enquiries being submitted through this channel.
NZRelo CEO Mark Berger said that he was “humbled and optimistic” about working with First Super.
“NZRelo safeguards its community and puts its members first. I am exceptionally picky when it comes to letting a company come into contact with our customers, mainly because many of them feel vulnerable when engaging with our services and we cannot allow them to be taken advantage of at any cost.
“Choosing First Super as our superannuation partner was a simple choice. They have market integrity and operate off a brilliant set of core values. And as they also provide authorised financial advice and pension provision, the partnership offers another level of protection and solutions for our site members.”
The agreement commenced on 1 July 2020 for an initial 3-year term up to 30 June 2023.