Superannuation Funds

Superannuation funds allow Australians to plan for retirement through a range of savings, employer-paid contributions and managed investments. It is a compulsory requirement in Australia for employers to pay a portion of wages into superannuation funds, and these funds are normally accessed when individuals transition to retirement.

Superannuation funds receive tax benefits over many other forms of earnings, and there is a good chance that your superannuation fund is a managed investment spread across many investment forms to deliver both increased gains, diversity and security. However, the way that your superfund may vary on the type of fund it is.

For example, there are superannuation funds known as:

• Industry Super Funds - These are run through employer association or unions for the sole benefit of members.
• Retail Master Trusts - These superfunds are run by financial institutions for individuals.
• Wholesale Master Trusts - These financial-institution run funds are operated for groups of employees.
• Employer Stand Alone Funds - Superannuation funds like these are set up by the employer for employees.
• Public Sector Funds - These superannuation funds are set up by the government for government employees.
• Self-Managed Super Funds - You can manage your own super fund for yourself or a small group.

Employees in Australia have the right to choose their own superannuation fund, and all super funds are regulated at some level by the government or relevant authorities. You can find a range of superannuation funds and other relevant services here at business.com.au. Simply search the online database for more information, and then contact a listed professional today for more information about superannuation funds.