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Plan For Your Future When You Retire With Superannuation Service One of the most essential part of financially planning your future is to save for retirement. 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 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 management of these funds are in your hands and can be decided depending on your needs and wants, these funds are not accessible until the age of sixty five. Superannuation services varies and you can essentially choose one you are comfortable with. The choice is yours on which Superannuation services you find more beneficial for you. Below are some of the Superannuation services that you can avail.
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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. 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 – The common name for Wholesale Master Trusts is a retail fund, and these kinds of funds are managed by firms and financial institution s for the benefit of a certain number of 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 is something that is managed by the employers for the benefit of all their employees. These Employer Stand-Alone Funds are something that is individually structured and can or cannot be shared between employees. 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 – The SMSF’s or Self Managed Super Funds are funds that are being created by a few number of individuals in groups of five or less people. They are supervised by the taxation office and they have strict rules to follow. Each of the members of Self Managed Super Funds are fund members as well and they are called trustees. Meanwhile, Self Managed Super Funds are different from the traditional superfunds and you will be able to choose which investment suits your circumstances and lifestyle best. 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. However, compared to SMSF, the Small APRA Funds has trustees approved that are not members.

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