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Plan For Your Future When You Retire With Superannuation Service Being able to save for retirement is an important part of the financial planning. The retirement fund also known as Superannuation is something that we all should be planning if we are to have a secure future. Most countries in the world mandates that every employee should dedicate a percentage of their wages to their retirement fund or superannuation once they started earning at work. Though the Superannuation funds are not accessible until you reach the age of sixty five, the management of these funds are according to your needs and wants. Superannuation services varies and you can essentially choose one you are comfortable with. 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 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. Unlike retail and wholesale funds, these kinds of funds does not have any shareholders whatsoever.
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2. Wholesale Master Trusts – A Wholesale Master Trusts commonly referred to as a retail fund, has a firm or financial institution managing it for the benefit of selected 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 – 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. They are supervised by the taxation office and they have strict rules to follow. Each Self Managed Super Funds members are members of the fund and known as a trustee. 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.