Managed Super Funds
Managed super funds are also referred to as self managed superannuation funds. These funds are usually created by small families and close relatives. Basically, managed super funds give members the ability to control, manage and operate their own super fund. Members of managed super funds can be created with as little as one member to a maximum of four members. Here is some important information about managed super funds.
Definition of Managed Super Funds
Four basic conditions differentiate managed super funds from other super fund types.. First, managed super funds have less than five members. Second, each member is a trustee of the fund. Third, unless they are related, no member can be the employer of another member of the fund. Finally, trustees do not profit from their position as trustees of the fund. These small groups that form managed super funds usually create the fund because they want to have full control over their resources.
Considerations for Managed Super Funds
When setting up your managed super funds, you have to realise the policies and laws that regulate self managed super funds. Those with self managed super funds are not allowed to use their super unless they meet the proper requirements for super use. Like other super funds, self managed super funds can only be used upon retirement or in special circumstances. Since managed super fund members are also trustees, they must make sure that their fund abides by the policies established in the Superannuation Industry (Supervision) Act.
