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Types of super

Superannuation funds are trusts. Generally, the person who manage the fund is the trustee. The trustee of the trust holds the funds for the benefit of the members. The trustee of a superannuation fund must manage the fund with the sole purpose of providing retirement benefits to the members of the fund.

Superannuation funds are governed by the rules contained in the superannuation trust deed. It is also regulated by the Superannuation (Industry) Supervision Act and regulations.

The main types of funds are:

Corporate funds
A superannuation fund established by a particular corporation (or corporation group) for the benefits of its employees. The fund is managed by the corporation or its nominee.

Public offer funds or retail funds
A superannuation fund established by a financial institution, life insurer, fund manager, or financial planning dealer group. Retail superannuation funds are usually open to the public.

Industry funds
A multi-employer superannuation fund, usually established by parties to an industrial award, such as employees' union. Membership is open to employees in the specific industry or a range of industries.

Retirement Savings Accounts
A type of saving account established for holding superannuation savings. RSAs are similar to regular bank accounts except the restrictions on withdrawal (like a superannuation fund). The savings are invested in bank deposits.

Self Managed funds
A superannuation fund that is purely managed by all its members only (in their dual role as members and trustees). It is established by persons who usually seek to increase the level of control of their financial and retirement goals. It is the fastest growing sector of the superannuation industry.