Types of superannuation funds
There are a range of superannuation funds which are available to you, each have different member types and benefits.
A retail fund is open to anyone who wants to join, offering a range of investment and insurance options. An example of a retail fund is IOOF Pursuit.
|Corporate or employer fund||These funds are set up by your employer with specific benefits for their staff and their spouses. The tailoring can be anything from special insurance offerings to lower fees. An example of a corporate or employer fund is IOOF Employer Super.|
|Industry fund||These are set up for people working in a specific industry, but many have now opened to the public.|
|Self Managed Super Fund (SMSF)||These types of funds, also called a Do-it-yourself fund (DIY fund), are designed for people who want more control over their super. They take on all of the responsibilities associated with the operation of their super fund, although they may outsource some functions such as administration of the fund. Australian Executor Trustee’s SMSF Service is an example of such an outsourcing arrangement.|
|Small APRA Funds (SAFs)||These types of funds are designed for people who also want a high level of the control over their super but not the burden of being a trustee. An example of a SAF is Australian Executor Trustee’s Private Super Fund.|
|MySuper||Members who do not make an investment selection will be classified as MySuper members. MySuper is our new default investment option, replacing any existing employer or trustee defaults. IOOF MySuper is available through IOOF Employer Super with the IOOF Balanced Investor Trust as its investment strategy.|
If you would like more information on which type of super fund is best for your personal circumstances, talk to your