Superannuation Service: Essential Aspects To Know For A Financially Secured Retirement
One essential financial planning aspect is the saving for your 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 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 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 some of the Superannuation services that you can avail.
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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. 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 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 is something that is managed by the employers for the benefit of all their employees. These Employer Stand-Alone Funds are something that is individually structured and can or cannot be shared between employees.
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 – The SMSF’s or Self Managed Super Funds are funds that are being created by a few number of individuals in groups of 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. Each of the members of Self Managed Super Funds are fund members as well and they are called trustees. On the other hand, Self Managed Super Funds are more convenient to invest in compared to traditional superfunds, as you will be free to choose which to invest in, base on your lifestyle and circumstances. However, every regulation compliance imposed by the government should be followed when using this kind of funds.
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.