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There are two types of retail superannuation funds. Retail funds are known as “for-profit” funds and the master trust option is the most common type of fund. Retail funds are often owned by the big 4 banks, see below for an example:
3 Year Performance*
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*Past performance data is for the period ending December 2020.
Outcome: Retail funds can be beneficial to clients looking for advice and funds management.
Back to topHere the features to compare:
First things first. Make sure you know why you want to change to a retail fund or open a retail fund. There are many reasons why you may want to change funds:
Once you go through these checks, you can then apply online to either open or switch to a retail super fund.
While a retail super fund might have some beneficial features, you may want to consider all the different super fund options before committing to one. Compare the different types of super funds available in Australia below to determine whether a retail super fund is the best option for your superannuation needs.
Super fund type | Description |
---|---|
MySuper | Under Australian law, most employers are required to offer a MySuper-type fund as a default option for people who cannot (or don’t wish to) select their own fund. These are generally found as defaults, but you may also nominate a MySuper fund. It’s designed to be a safe option for most Australians, and is characterised by:
|
Retail funds | Widely-available commercial products, operated by financial institutions to turn a profit for themselves and their customers. These will typically be nominated, rather than selected as a default. Retail funds can vary widely, but are often characterised by:
|
Industry funds | These superannuation funds are generally designed for workers in a specific industry, and may be especially beneficial. Some industry funds are restricted to workers in a specific industry, while others are open to everyone. Industry super funds will often be available as a default, or might be nominated. Sometimes a super fund will be both an industry fund, as well as a MySuper fund. The key difference between these funds and retail funds is that they are owned by members not shareholders. They can vary widely, but are often characterised by:
|
Corporate funds | These are super funds a business offers to its employees. They might be exceptionally competitive, such as in the case of defined benefit funds. Naturally these will typically be found as default funds with various advantages and features. |
Self-managed super fund (SMSF) | The do-it-yourself super fund. You are responsible for investing your superannuation, as well as looking after the tax and legal obligations that go along with it. These are explained in more detail in this guide. |
Retail super funds developed by financial institutions and insurance companies. These funds cater for people who are interested in investing and saving for retirement.
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