What are the classification of superannuation fund?

A superannuation fund is a legal entity that is permitted to hold and invest your superannuation. In Australia, there are over 200 different superannuation funds and are classified into five types:

o Retail investment funds are typically managed by banks or investment firms.
o Funds from the industry were originally intended for workers in a specific industry, but are now available to anyone.
o Funds from the public sector were intended for employees of federal or state government departments. The majority of them are still reserved for government employees.
o Corporations' funds where employers set up corporate funds for their employees.
o Self-managed superannuation funds are private superannuation funds that allow members to invest their money directly.

If you are considering which super fund to pick for your retirement savings, contact us for legal advice.