The first step is to contact your Australian super provider and see if they allow you to transfer to KiwiSaver, as they must be an APRA-regulated superannuation fund.
Transferring your Australian superannuation funds to a Kernel KiwiSaver account is a multi-step process that involves coordinating with both Kernel and your Australian superannuation provider. Each Australian provider may have different requirements or forms for trans-Tasman transfers, so it is essential to gather the necessary information from them before proceeding.
Required Kernel KiwiSaver Account Details
You may need to provide the following Kernel KiwiSaver scheme details to your Australian superannuation provider:
KiwiSaver Scheme Name: Kernel KiwiSaver Plan
KiwiSaver Registration Number: KSS/13288
KiwiSaver Membership Number: Your IRD or KER number
KiwiSaver Scheme Address: Level 4, 166 Queen Street, Auckland CBD, Auckland 1010
Bank Account Name: LMS o/a Kernel KiwiSaver Plan
Bank Account Number: 01-1839-0944765-00
NZBN (New Zealand Business Number): 9429047045989
Bank: ANZ Bank, Auckland (Queen and Victoria Streets branch)
Once you have initiated the transfer the provider will do their due diligence on Kernel and may need some further information such as a letter or document. Please let our team know which information they require and we’ll gather it for you.
Kernel typically provides the following key documentation to assist with the transfer:
A letter stating that Kernel will accept the transfer
Confirmation of your KiwiSaver account number and registration number
Make sure to relay the specific requirements from your superannuation provider to Kernel so they can prepare and deliver the required documents promptly.
Am I eligible to transfer my Australian Superannuation to the Kernel KiwiSaver Plan?
To be eligible to transfer your Australian Superannuation account to the Kernel KiwiSaver Plan you must have the following:
Permanently emigrated to New Zealand,
Transferred your entire Australian Super balance to your KiwiSaver account, and;
A New Zealand Inland Revenue Department (IRD) number to transfer your retirement savings to a KiwiSaver scheme.
Considerations before transferring your Australian Superannuation
Before you decide to transfer your Australian Superannuation to KiwiSaver there are a few things to consider first:
Your Superannuation can only be transferred from complying super funds regulated by APRA
The funds can't be used to purchase your first home
The funds can't be transferred to a third country
The funds can only be accessed when the member reaches 60 years old and satisfies the Australian definition of retirement
There are no limits on how much you can transfer from an Australian Super Fund to a KiwiSaver scheme but you must transfer the whole balance.
Final Steps
Once you have submitted the paperwork with your Australian fund, please contact our support team to let them know and provide an estimated balance to be transferred.
Transfers can take up to a month, so you may not hear from the team or see the money in your Kernel account for this period of time.
If you have any further questions please email our team at support@kernelwealth.co.nz.