There are about 300,000 super funds operating in Australia. Of those, around 381 have assets totaling greater than $50 million.
There are five main types of super funds:
- Industry Funds are multi-employer funds set up by employer associations and/or unions. Unlike many bank and insurance company super funds, industry funds are not in business to make a profit for shareholders.
Industry funds are non-profit, designed exclusively for the benefit of members and governed by trustees representing employers and employees within the relevant industry.
Health Super is an industry fund for the Health and Community Services sector.
Our Board has representatives from employer and employee bodies from this sector.
- Retail Funds are funds usually established by large financial institutions for individuals as well as groups of employees and are run by a professional trustee board. These funds are run on a commercial 'for profit' basis.
- Employer Corporate Funds are funds established by employers for their employees and are run by a trustee board made up of employer and employee representatives. Each fund has its own trust structure that is not necessarily shared by other employers (except related employers).
- Self Managed Superannuation Funds are funds established for a small number of individuals (under 5) and usually are managed by the same individuals (in a trustee capacity).
- Public Sector Funds are fund established by governments for employees that work in the Public Sector.
