Superannuation & Self Managed Super Funds
In the most simple terms, superannuation, also known as super, is a long-term savings plan, which provides you with an income when you retire. Here at, BAYSIDE ADVICE CENTRE, we offer superannuation on various levels:
- Public Offer Funds – These are superannuation funds that can be joined by members of the public. This type of fund is appropriate for people with smaller account balances.
- Public Sector Superannuation Funds – These funds have been established under or by a Commonwealth or State Act of Parliament. They are available to members who are employed by the Government sponsoring the fund.
- Employer-Sponsored Superannuation Fund – It is normally restricted to employees of the sponsoring body and offer very limited investment choice.
- Industry Fund – It is a type of fund that usually caters for workers from a particular industry and it may offer only limited investment choice.
- Retirement Savings Accounts (RSAs) – These types of funds are known as capital guaranteed accounts. They are similar to normal savings accounts.
- Self Managed Funds – This type of fund is a way of saving for your retirement. The difference between this type of fund and other funds is that in this, you are in charge of your accounts. You have the ability to control your superannuation entitlements.