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Superannuation Service: Essential Aspects To Know For A Financially Secured Retirement Being able to save for retirement is an important part of the financial planning. The retirement fund also known as Superannuation is something that we all should be planning if we are to have a secure future. Most countries in the world mandates that every employee should dedicate a percentage of their wages to their retirement fund or superannuation once they started earning at work. 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. Superannuation services are available at a wide variety and you will be able to choose the one most suited for your needs. You will be able to decide which of the Superannuation services you find beneficial. Below are some of the Superannuation services that you can avail.
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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 types of funds do not have any kind of shareholders like the ones on 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 is something that is managed by the employers for the benefit of all 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 are exclusive funds made by the government for government employees only. 6. Self Managed Super Funds – Self Managed Super Funds or the SMSF’s is something that is created by a small group of individuals ranging from five or less people. The Self Managed Super Funds are following strict rules and they are being supervised by the taxation office of the country. 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. However, every regulation compliance imposed by the government should be followed when using this kind of funds. 7. Small APRA Funds – The SAF’s commonly known as Small APRA Funds are those that are created by independent groups of individuals with five or less members. 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.

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