Self Managed Super Funds
Self Managed Super Funds (SMSF’s), also called DIY super funds, are a vehicle where you can manage your own superannuation rather than pool your assets with thousands of other people as part of a public offer super fund such as AMP, BT, Colonial, MLC or Australian Super.
There are around 600,000 SMSF’s in Australia with a total of nearly 1 million members. Most funds have 2 members where those members are a husband and wife, however a fund can have anywhere between 1 and 4 members. SMSF’s are becoming increasingly popular, with the number of members growing by about 50,000 each year. There is now more money in SMSF’s than in any other type of super fund. This is largely because people have lost confident in the institutions, and want more control of their retirement savings.
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