Plan For Your Future When You Retire With Superannuation Service Being able to save for retirement is an important part of the financial planning. Superannuation or as commonly know as retirement fund, is something that we should plan for, if we are to have a secured future during the golden days of out lives. Most of the countries in the world dictates that every employee that started working needs to dedicate a part of their monthly earnings to their Superannuation or retirement fund. Though the funds of your Superannuation can be managed in accordance, to your needs and wants, but it can only be accessed if you reach the age of sixty five. The availability of Superannuation services varies from one to the other, and you will be able to choose which one suits your needs. The choice is yours on which Superannuation services you find more beneficial for you. Below are few of the Superannuation services that is essentially available to you.
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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. The funds are solely dedicated for the benefits of the association’s members. These are the types of funds that does not have any kind of shareholders unlike wholesale and retail funds.
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2. Wholesale Master Trusts – the Wholesale Master Trusts or a retail fund is something that is managed for the benefit of a number of employees, and firms as well as other financial institutions are responsible in managing it. 3. Retail Master Trusts – Retail Master Trusts are managed by firms and financial institutions to cater the needs of only a single individual. 4. Employer Stand-Alone Funds – Employer Stand-Alone Funds on the other hand are managed by the employers themselves 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 – Self Managed Super Funds also known as SMSF’s are funds that are created by a group of people, preferably five or less. They are supervised by the taxation office and they have strict rules to follow. 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 hard part is you have to do it within the regulations imposed by the government. 7. Small APRA Funds – The SAF’s commonly known as Small APRA Funds are those that are created by independent groups of individuals with five or less members. However, compared to SMSF, the Small APRA Funds has trustees approved that are not members.