In order to create a wonderful retirement, it is essential for individuals most especially residents of Australia to have superannuation. With this, they can save finances to make their golden years better. However, to make better decisions with regard to superannuation, you need to know the different kinds. Below are some of the following.
Industry funds are multiemployer funds run by employer associations and unions. In addition, these funds only provide benefits for the members.
Wholesale Master Trusts
Whole Master Trusts are funds run by financial institutions for groups of employees.
Retailer Master Trusts
Retailer Master Trusts are funds run by financial institutions for individuals.
Employer Stand-Alone Funds
Employer Stand-Alone Funds are funds established by employers for their employees. Each fund has its own trust structure that is not necessarily shared by other employers.
Self-Managed Superannuation Funds
Self-Managed Superannuation Funds are funds established for a small number of individuals which is limited to 4 and regulated by the Australian Taxation Office.
SMSF Property Investment
SMSF Property Investment are funds that allow individuals to purchase residential real estate.
Small APRA Funds
Small APRA Funds are funds established for a small number of individuals, but unlike SMSFs the Trustee is an Approved Trustee, not the members, and the funds are regulated by APRA.
Public Sector Employees
Public Sector Employees Funds are funds established by governments for their employees.
Trivia Info Source From: www.miradorwealth.com.au