Superannuation
Types of Superannuation Funds
Other Fund Types
There are many other types of superannuation funds available in Australia which we will not consider in this module, including:
- Public sector funds, which are generally restricted to government employees;
- Small APRA Funds, which operate in a similar manner to self-managed superannuation funds but with a professional trustee and regulated by the Australian Prudential Regulation Authority (APRA);
- Eligible Rollover funds*, which generally hold the benefits of members who cannot be located; and
- Retirement Savings Accounts, which are superannuation accounts offered by banking institutions.
*Please note: As part of the ‘Reuniting More Super’ legislation, by 30 June 2021, ERF accounts are to roll over all accounts with a balance of less than $6,000 (as at 1 June 2021) to the ATO as unclaimed super money, and by 31 January 2022, ERFs must transfer remaining accounts to the ATO. In addition, the legislation also prevents new amounts being transferred to an ERF from 1 May 2021.
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