Personal Superannuation

There are four basic structures to administering your superannuation.

1. Self-Managed Superannuation funds
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2. Industry based not for profit schemes
Industry schemes are very popular as they have no entry or exit fees and the ongoing fee is quite low in comparison to retail and corporate funds. They were originally created by the union movement to cater for a specific industry for that industry on a non profit basis in order to reduce fees to a minimum. Today most of these schemes are now open to the general public and some have contracted the services of a financial planning firm to assist members in their decision making requirements. These schemes offer choice of investment and generally are the best alternative for small account balances.

3. Private Institution based schemes.
Private institution funds have a number of formats. The most popular are the Wrap Accounts and Master Funds which are electronic based and offer a huge range of investments ranging from direct shares to wholesale and retail managed funds. These are promoted and supplied by financial planners as part of your overall holistic approach to your finances. Value for money is generally the key question to be asked as there are entry and exit fees with a higher ongoing cost. For small balances the industry funds may prove more beneficial.