Types of Funds

There are many different types of superannuation funds and, depending on your eligibility,  you should consider all your options before deciding on which type of fund best suits your situation.

What do I need to consider?

The choice of where to put your retirement savings is a very important one.  Ask yourself the following questions before we explore the options in more detail:

  • Which investment options are available and which options do I need?
  • How much personal involvement and responsibility is required?
  • To what level do I want to be involved and responsible?
  • What level of flexibility is available to move between investment options?
  • Are estate planning options available?
  • What are the costs?
  • Will the costs significantly impact my long term outcomes?

Explore each of the different types of funds in more detail:

Superannuation holding account (SHA)

Superannuation Holding Accounts were established by the ATO to receive small super amounts from employers who could not find a super fund to accept their contributions. They were closed to employer deposits on 30 June 2006. However, it is still open for individual account holders who have not yet transferred their balance to a super fund or retirement savings account. The ATO also uses them to deposit unclaimed super guarantee and super co-contribution amounts.

The SHA special account is not a super fund, but rather a holding mechanism designed to protect employees' small super amounts until they can be transferred into a super fund or retirement savings account.

You can use SuperSeeker to check if you have an account balance in the SHA special account (and for any other lost super). If there is no activity on your SHA special account for 10 years, your balance will be transferred to consolidated revenue. You can request a withdrawal of your account balance by using the application for direct payment from consolidated revenue form for Individuals (NAT 16338).