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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. Almost every country in the world mandates that once a person starts earning money at work, they should dedicate a portion of their wages to their Superannuation or retirement. Though the funds of your Superannuation can be managed in accordance, to your needs and wants, but it can only be accessed if you reach 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. Whatever the Superannuation offers are, you will have freedom to choose which one suits you well. The services listed below are just a few of the Superannuation services you can have.
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1. Industry funds – these are the funds that are being run by either an employer association or unions. These type of funds are tailor made for the benefits of all 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 on the other hand are managed by a certain financial firm or institution, the only difference is that the funds are managed for a certain individual. 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 – 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. The Self Managed Super Funds are being supervised by the country’s taxation office and strict rules are being imposed for them. 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. The only downside to this one is that you will have to adhere to every compliance regulations imposed by the government. 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.