There are four basic structures to administering your superannuation.

1. Self Managed Superannuation funds
To understand more about Self Managed Superannuation Schemes click here.

2. Corporate Schemes
Corporate Schemes are those superannuation funds sponsored and set up by your employer. These can vary greatly in fees and benefits. Very large companies like BHP for instance have and run their own fund. Smaller companies will have a large institution like AMP or Mercer's to administer and run the fund. You generally have some degree of investment choice and have some level of Insurance and Salary Continuation benefits. Refer to your member's booklet or the Product disclosure Statement (PDS) of your fund for details. Such schemes generally have an added bonus attached which is not available from an industry scheme in most cases, and that is the services of a financial planner. Contact your scheme administrator for information on this added service or call us.

3. 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.

4. 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 their are entry and exit fees with a higher ongoing cost. For small balances the industry funds may prove more beneficial.