If you have moved to Australia from overseas, you may be able to move a foreign super/pension account that you set up when you lived overseas into the Australian superannuation system.
Foreign super accounts are sometimes referred to as a private pension account, a retirement savings plan or similar.
It is important to know that, if you move super from overseas, that money may:
- count towards your Australian annual and lifetime super contribution caps,
- be taxed in Australia, and
- be taxed in the overseas country you are moving it from
More information on moving your super from overseas
You must get more information about how any transfer will be treated in your situation before you take any action with your foreign retirement account.
Read more about foreign super transfer rules on the ATO’s website.
You also need to check with:
- your foreign retirement account provider and
- the relevant national government office that deals with retirement accounts in the country your foreign retirement account is located in.
New Zealand (Aotearoa) and United Kingdom (UK)
There are further specific rules and agreements that apply to retirement savings from New Zealand (Aotearoa) and the United Kingdom.
ElectricSuper does not meet the conditions to receive KiwiSaver or UK pension money under the UK’s QROPS scheme, so you cannot move your KiwiSaver from New Zealand or private pension from the UK into ElectricSuper.