How to manage your super when you are living overseas

It’s easy to forget your super amid the complexity of relocating to another country. But whether you’re living here or overseas the rules don’t change – super is with most of us for life and needs your attention.

By actively managing your super – considering the impact of fees, insurance, investment returns and contributions – it can continue to develop into an important asset for you.

The first step is the simplest. Let your fund know what is happening. Update it with your new address and the best contact details for you (usually your most used personal email address).

If you’re leaving employment in Australia to work abroad for a foreign organisation, they’re not required to contribute to your superannuation account.

In this situation don’t ignore your super. Actively monitor the impact of fees, insurance premiums and investment performance. This is really important if there’s no contributions to your super or they’re reduced for a long period.

“Moving overseas is a good time for you to review your insurance cover in particular, as you don’t want to pay for insurance if you’re not eligible for benefits,” says smartMonday senior smartCoach Patrick Howard. “Also consider making this change of situation a time to review your super, such as if you have the right investment strategy for your circumstances.”

The best and simplest solution to limit the impact of fees and keep your super growing is to make your own voluntary contributions. Even small, regular voluntary contributions can make a big difference in the long term.

“If you can make contributions you’ll reduce the impact of fees and insurance premiums and add to your account balance, helping it to grow while it’s not receiving employer contributions,” says Howard.

A local organisation is required to pay your super even if you’re working for them (temporarily) outside Australia. (Agreements with a range of countries means your employer won’t have to pay that country’s superannuation obligations as well.)

“So while your superannuation will continue to operate as normal, it may be more out-of-mind for you given you’re working in a different environment. I recommend, at least every few months, to check in with your super and review your balance etc., so you’re not tempted to forget it,” says Howard.

One exception is for those moving to New Zealand, who may be able to move their super to the KiwiSaver scheme.

While permanent residents and citizens are bound by Australian law when it comes to accessing super, which depends on your age and work status, temporary residents are not. Once their visa has expired and they leave the country they can apply to take their super with them. This departing Australia superannuation payment can be applied for through the Australian Taxation Office.