Are you with an industry fund?
29 June 2022
5
min read
Superannuation funds in Australia mostly fall into five main categories – industry funds, retail funds, public sector funds, corporate funds, and self-managed super funds (SMSFs).
Australian Retirement Trust is the super fund formed through the merger of QSuper and Sunsuper. We’re one of Australia’s largest super funds and proud to take care of over $200 billion in retirement savings for more than two million members. As a fund that works for members, not shareholders, we work in members’ best interests, and are committed to returning profits to them as lower fees and better services.
Whether our members are starting out their working life, already retired, or somewhere in between, we’ll guide them to help ensure they feel secure, confident and protected. We’ll leverage our size and scale to be a force for good to make our members’ world better, seeking out investments to grow their superannuation savings and maximise their retirement income.
Following the merger, all QSuper and Sunsuper members are now a part of Australian Retirement Trust and all Australians can join Australian Retirement Trust. The QSuper brand is a part of Australian Retirement Trust, dedicated to providing superannuation products and services to Queensland Government employees and their families.
Some of the different types of super funds?
What are some of the types of super funds are available to Australians?
These are usually owned and operated by financial institutions such as banks, which aim to generate profits for shareholders or investors. They are open to all Australians, not just those working in any particular industry.
These funds were set up to provide superannuation benefits for workers in a particular sector – for example, healthcare, hospitality, or construction. These types of funds are governed by trustees representing employers and employees from particular industries.
Some industry funds are open to all Australians, not just those working in the sector they were originally established for.
Australian Retirement Trust works for members, not shareholders, and is open to all Australians.
They are small funds run by an individual or a family that is seeking greater direct control over their investments and willing to take on the responsibilities of investing, taxation and compliance. While you can set up your own private super fund and manage it, you must strictly adhere to the rules regulated by the Australian Taxation Office. A SMSF can have between one to four members, and each member acts as a trustee.
These funds were created for employees of federal and state government departments and commonly have limited investment options, lower fees or MySuper options and a member-first profit model.
Also called “employer” super funds, these are arranged by employers for their employees. Some larger corporate funds are “employer-sponsored’’ funds where the employer also operates the fund under a board of trustees appointed by the employer and employees.
This information is for general purposes only using sources that we believe are reliable and accurate at the time of publication.