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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 or Superannuation is something that we should plan for if we are to secure a bright golden year ahead of us. 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 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. The availability of Superannuation services varies from one to the other, and you will be able to choose which one suits your needs. Whatever the Superannuation offers are, you will have freedom to choose which one suits you well. Below are few of the Superannuation services that is essentially available to you.
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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. The funds are solely dedicated for the benefits 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 – 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 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 on the other hand are only available to government employees as they are designed by the government for that sole purpose. 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. They are supervised by the taxation office and they have strict rules to follow. 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 – The SAF’s or Small APRA Funds are created by a small group of people, preferably five or less. However, compared to SMSF, the Small APRA Funds has trustees approved that are not members.