Superannuation Service: Essential Aspects To Know For A Financially Secured Retirement Being able to save for retirement is an important part of the financial planning. The retirement fund also known as Superannuation is something that we all should be planning if we are to have a secure future. Almost every country in the world mandates that once a person starts earning money at work, they should dedicate a portion of their wages to their Superannuation or retirement. Though the management of these funds are in your hands and can be decided depending on your needs and wants, these funds are not accessible until the age of sixty five. Superannuation services varies and you can essentially choose one you are comfortable with. Whatever the Superannuation offers are, you will have freedom to choose which one suits you well. Below are some of the Superannuation services that you can avail.
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1. Industry funds – these are the types of funds where unions or employer associations are the ones responsible in running them. These type of funds are tailor made for the benefits of all the association’s members. These types of funds do not have any kind of shareholders like the ones on wholesale and retail funds.
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2. Wholesale Master Trusts – The common name for Wholesale Master Trusts is a retail fund, and these kinds of funds are managed by firms and financial institution s for the benefit of a certain number of employees. 3. Retail Master Trusts – Retail Master Trusts are only dedicated to a certain individual and is managed by a financial firm or institution. 4. Employer Stand-Alone Funds – Employer Stand-Alone Funds on the other hand is something that is made by an employer for the benefit of their employees. The Employer Stand-Alone Funds are individually structured funds and employees may or may not share the funds between them. 5. Public Sector Employees Funds – Since Public Sector Employees Funds are designed by the government, only government employees have access to them. 6. Self Managed Super Funds – The SMSF’s or Self Managed Super Funds are funds that are being created by a few number of individuals in groups of five or less people. The Self Managed Super Funds are following strict rules and they are being supervised by the taxation office of the country. Each of the members of Self Managed Super Funds are fund members as well and they are called trustees. Meanwhile, Self Managed Super Funds are different from the traditional superfunds and you will be able to choose which investment suits your circumstances and lifestyle best. The only downside to this one is that you will have to adhere to every compliance regulations imposed by the government. 7. Small APRA Funds – The SAF’s or Small APRA Funds are created by a small group of people, preferably five or less. On one hand, the Small APRA Funds are not like SMSF’s as they are approve trustees despite not being a member of the fund.

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