The Australian Government has signed a Memorandum of Understanding (MOU) with the Cook Islands to allow portability of retirement savings between our two countries.
This will benefit Cook Islanders who return home to retire, and Australians who have periods of work in the Cook Islands.
This arrangement addresses a gap in the existing Trans‑Tasman Retirement Savings Portability scheme that prevented Cook Islands citizens from sending Australian‑earned superannuation to their home country, while also being unable to release accumulated superannuation under the departing Australia superannuation payment (DASP).
The scheme will allow those who move to the Cook Islands permanently to transfer their superannuation to the Cook Islands National Superannuation Fund.
Workers with accumulated retirement savings in the Cook Islands will be able to move their savings to Australia upon permanent migration.
The MOU delivers on the Government's commitment made in the Cook Islands - Australia 'Oa Tumanava partnership agreement, to explore reciprocal superannuation portability arrangements, strengthening connections between our peoples.
The scheme will commence following implementation of the necessary law changes and agreement by each country.
