Types of super

Personal Master Trusts, or 'Super Wraps', manage a wide range of investments through a single account. These are offered by professional fund managers.

These are funds with fewer than five members, and are often set up for small business owners and their families. The members act as trustees for these funds.

These are provided by banks and credit unions and operate like a bank account. These are likely to bring lower returns over the longer term.

Small APRA funds have fewer than five members and are regulated by the Australian Prudential Regulation Authority. These are similar to a self-managed super fund except that the trustee must be an approved external trustee.

These funds are set up by employers, or a group of employers, to make super contributions for their employees.

These funds are open to people in a particular industry or under a particular industrial award. Some industry funds are open to anyone.

These are established by Commonwealth and State Governments for Government employees.

These funds are run by financial institutions under a trustee and are open to the public. They often operate under a single Trust deed.