by cecile | 23:45

Superannuation Service: Essential Aspects To Know For A Financially Secured Retirement One of the most essential part of financially planning your future is to save for retirement. The retirement fund also known as Superannuation is something that we all should be planning if we are to have a secure future. 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 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. You will be able to decide which of the Superannuation services you find beneficial. Below are some of the Superannuation services that you can avail.
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1. Industry funds – these funds are being run by either employer associations or unions. These funds are dedicated for one purpose only, and that is for the benefit of 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 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 on the other hand are managed by a certain financial firm or institution, the only difference is that the funds are managed for a certain 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 – Public Sector Employees Funds are exclusive funds made by the government for government employees only. 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. The Self Managed Super Funds are following strict rules and they are being supervised by the taxation office of the country. Each Self Managed Super Funds members are members of the fund and known as a trustee. On the contrary, these Self Managed Super Funds are more convenient compared to the traditional superfunds as you will have the freedom to suit the circumstances you have as well as your lifestyle. The hard part is you have to do it within the regulations imposed by the government. 7. Small APRA Funds – Small APRA Funds also known as SAF’s are created by a small group of individual as well. However, compared to SMSF, the Small APRA Funds has trustees approved that are not members.

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