{"id":7607,"date":"2022-08-22T12:02:05","date_gmt":"2022-08-22T02:32:05","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/get-to-know-your-super-fund\/"},"modified":"2022-08-22T12:02:05","modified_gmt":"2022-08-22T02:32:05","slug":"get-to-know-your-super-fund","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/get-to-know-your-super-fund\/","title":{"rendered":"Get to know your super fund"},"content":{"rendered":"
\n

When you start a job, you can usually either choose a super fund or let your employer choose for you.<\/p>\n

Understanding the basics can help you work out what kind of account you get and whether it\u2019s right for you.<\/p>\n

If you want to choose your own \u2014 or change your account \u2014 there are lots of options.<\/p>\n

Most funds offer a simple, low-fee option, called a MySuper product. This is the default product your employer will use for you.<\/p>\n

Types of super funds<\/h3>\n

There are two types of super funds: defined benefit funds and accumulation funds. Most super funds are accumulation funds.<\/p>\n

Accumulation funds<\/strong><\/p>\n

In an accumulation fund, your money grows or \u2018accumulates\u2019 over time.<\/p>\n

The value of your super depends on the money that you and your employers put in (known as super contributions), and on the investment return generated by the fund after fees and costs.<\/p>\n

Defined benefit funds<\/strong><\/p>\n

In a defined benefit fund, your retirement benefit is determined by a formula instead of being based on investment return.<\/p>\n

Most defined benefit funds are corporate or public sector funds. Many are now closed to new members.<\/p>\n

Typically, your benefit is calculated using:<\/p>\n