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Finance Minister Bill English has dismissed a claim by Labour's former Finance Minister Michael Cullen that National's new KiwiSaver law would not allow it to be portable with Australia.
Dr Cullen had been working towards a portability agreement with Australia before the election in November.
In Parliament this week, he said that changes Mr English proposed had turned it from a four-plus-four scheme, which was close to Australia's 9 per cent savings scheme, to a two-plus-two scheme.
He said that would jeopardise the portability of the retirement savings schemes of the two countries.
Mr English said that the level of savings was not the determining factor in portability but rather whether it was locked in or not to retirement.
"They are happy enough to discuss portability because if the funds came here they would still be locked in to 65."
He said he had received advice from the Treasury in New Zealand which had received advice from the Treasury in Australia to say that there was absolutely no problem with the changes to the rate of contribution.