Where is your super held?

Superannuation savings can be held in many different types of superannuation funds. Some are set up by individual businesses, some by industries and others by major financial institutions known as fund managers. The fund may have private entry or it may be open to anyone qualified to contribute to superannuation. They may have fancy names and shortened names but they all hold superannuation money. Some different types of funds include:

Superannuation savings can be held in many different types of superannuation funds. Some are set up by individual businesses, some by industries and others by major financial institutions known as fund managers. The fund may have private entry or it may be open to anyone qualified to contribute to superannuation. They may have fancy names and shortened names but they all hold superannuation money. Some different types of funds include:

  • Industry funds, e.g. Building or printing industry fund
  • Corporate funds, e.g. The ABC Company fund
  • Public Sector funds – for government employees
  • Master trusts for individuals, e.g. The Big Life Superfund for Joe Bloggs
  • Self managed funds, e.g. The Des and Mary Jones’ Superfund

Some special accounts can hold superannuation money but are not really superannuation funds, these include:

  • Retirement Savings Account (RSA) and the Eligible Rollover Fund (ERF). These are used when an employer cannot find a superannuation fund that will accept small sums of money.

Most superannuation funds are ‘complying superannuation funds’. These are funds that get special tax treatment because they follow the Government’s rules. Your employer must make contributions to a complying superannuation fund to satisfy the Superannuation Guarantee (Administration) Act 1992.

Most employees can choose their own superannuation fund but many will join the fund that their employer regularly contributes to.  This may often be the employers default fund.  Your employer may be required to contribute to a particular fund because of an industrial award or your employer may already have a private fund set up. If you already have a fund when you begin a new job, you should inform your employer of the superannuation fund you already have. It may be possible to have your new employer pay your contributions to the account you already have or you could transfer your current superannuation account to your new employer’s fund – then you won’t end up with lots of little accounts, each being charged fees.