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Superannuation Service: Know Its Basics For A Secure Financial Plan

One of the most essential part of financially planning your future is to save for retirement. 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.

Superannuation services are available at a wide variety and you will be able to choose the one most suited for 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 funds that are being run by either an employer association or unions. These funds are dedicated for one purpose only, and that is for the benefit 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 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 – Self Managed Super Funds or the SMSF’s is something that is created by a small group of individuals ranging from 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. A trustee is the common name for the Self Managed Super Funds members, which are also essential fund members. 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. 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.