My daughter has moved to the UK, what happens to her KiwiSaver - Ask Susan - ArkforgeAI.com

Photo: RNZ Got questions? RNZ has launched a new podcast, 'No Stupid Questions', with Susan Edmunds. We'd love to hear more of your questions about money and the economy. You can send through written questions, like these ones, but even better, you can drop us a voice memo to our email questions@rnz.co.nz. You can also sign up to RNZ's new money newsletter, 'Money with Susan Edmunds'. I started up a KiwiSaver for my daughter when it first came out. Through the years, I have contributed the minimum amount to gain the annual government top-up. Twelve years ago, my daughter moved to London and she has no future plans to come back to New Zealand. She and her partner are looking to purchase their first home in London. My question is, what happens to her KiwiSaver? People who are moving to another country permanently can withdraw their money once they've been gone a year. Your daughter can withdraw her contributions, employer contributions, the $1000 kickstart that she probably got when she signed up, the fee subsidies she might have got at the start, and any returns made by the fund. She can't take out the government contributions that she's been getting thanks to the $1042 you've been putting in over the years. (Note that until this year, this was only available to people over 18 but is now paid to people aged 16 and up.) How Does Australia Pay High Wages but Still Keep Prices Low? Listen to No Stupid Questions with Susan Edmunds Just wanting to know what happens to my daughter's super in Australia if she came home to New Zealand and passed away. She lived and worked there for approximately 11 years and passed away four years ago but had been home for five years prior to passing. I am sorry to hear about your daughter. I asked Ana-Marie Lockyer from Pie Funds about your question. She said when someone died in Australia, any superannuation savings they had including any life insurance benefits that might be attached to it, would become part of a superannuation death benefit. "This money can usually be claimed by the next of kin or the estate. "If your daughter had an Australian super fund, the balance would still be held there unless it became lost or inactive, in which case it may have been transferred to the ATO's 'unclaimed super' register. Either way, it remains claimable. "The normal process is to contact the super fund (or the ATO if the fund is unknown) and follow their requirements, which often include probate or letters of administration. So the best next step is to contact the ATO or use their online 'lost super' search to locate the account and begin the claim process." A while back I encountered an issue when I received a reminder that a website (MightyApe) subscription was due. The payment information for my Visa details were expired on the website by nearly a year and I did not wish to continue the subscription so made the assumption the payment would be rejected as the expiry date had past and the CVV was invalid. I had also noticed MyLotto also didn't care if the CVV were incorrect when purchasing online tickets …At the time as I wanted a lottery ticket it didn't alarm me but when I received an email from MightyApe confirming the renewal of the subscription I was confused. The payment information was definitely outdated so how was payment processed? MightyApe refunded the transaction and suggested they had 'payment tokens'. Perplexed, I questioned the bank around how did they make customers aware the expiry date displayed on the card was meaningless, that Visa issued "tokens" to merchants so they could override customer payment information to whatever enabled payment. The bank (ANZ) advised me they were powerless as they were subject to Visa terms and conditions at which point I reminded the bank that to take a direct debit from a customer that consent was required. So how were they actively alerting customers that merchants get tokens that enable money to be taken without clear consent. That a credit card number was enough as CVV and expiry detail became meaningless...because tokens made payments easy for the merchant. Why did banks print expiry information on a card if it held no meaning and if a CVV was able to change and be accepted? How are customers protected? The reply was customers can request refunds and request a new card with a different number, both clearly detached the bank from actually protecting the customer. I am interested to know what has changed with regards to Visa and banks gaining customer consent for tokens to be issued. What have banks done to clarify to their customers the risk of merchants not notifying expiry and CVV on credit cards can change without direct consent or tick box when using a credit card online because I know banks are aware they have process for direct debits but not for credit card tokens. ANZ said when a customer signed up for a subscription, they agreed to create a recurring payment authority. "This is often called a payment...

My daughter has moved to the UK, what happens to her KiwiSaver - Ask Susan

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