Federal Treasurer Wayne Swan and New Zealand Finance Minister Bill English have ratified a scheme to allow portability of retirement savings between their two countries.
A Memorandum of Understanding was signed yesterday that will allow Australians and New Zealanders to transfer their retirement savings across the Tasman. It’s an agreement Swan said would make it easier for people to move between the two countries while also helping to recover ‘lost’ retirement savings.
The ministers met in Brisbane yesterday to discuss a number of issues relating to the economies of the two countries. The pair discussed the work being done to finalise an Investment Protocol by the end of this year to promote trans-Tasman investment flows, while the Australia-New Zealand tax treaty was also finalised.
Swan said the pair have a “shared vision of a trans-Tasman single economic market”.
