New Zealand and Australia have signed a Memorandum of Understanding, bringing the idea of superannuation portability between the two countries one step closer to reality.

New Zealand Finance Minister Bill English and New Zealand Finance Minister Bill English singed a Memorandum of Understanding on the 16th of July, indicating that both governments formally acknowledge their intent to implement into law provisions for superannuation portability.

Legislative changes are still required before the superannuation portability can become a reality, this is expected to occur mid-2010. Conditions upon the portability are still to also fully be determined, although some have already been determined in regards withdrawal ages and the matter of Kiwisaver member benefits and kick-start amounts.