Public sector, retail and industry super funds fall under the personal funds banner.

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Retail funds

The majority of retail funds are owned by investment companies or banks and are open for anyone to join. If you are looking for range, most retail funds offer a huge number of options.

These funds are accumulations funds and range from mid to high costs. But keep an eye out, you could still find some offering low cost options.

With retail funds the company that owns the super fund will try to retain some of the profit from your super investment. However, these funds can offer very competitive fees and a high level of service and their large range of funds are usually managed by financial planners. Take note, the financial planners will charge you a fee for their recommendations and services.

Industry funds

Industry super funds are employer funds that are usually offered to employees in specific industries such as hospitality, retail and building. However, some industry funds are open to everyone.

The general features of an industry fund include;

• Accumulated, industry and ‘not for profit’ funds
• Limited investment options – generally 5-15 investment options
• Low to mid-cost super funds
• Some industry funds offer MySuper accounts
• No commissions are paid to financial advisors and profits are paid to members, not shareholders

Public sector

Public sector funds, otherwise known as public offer funds, are superannuation funds for Federal and State government employees – anyone in the public sector.

Public sector superannuation funds are very similar to industry funds. While these super funds don’t have an overly large amount of investment options they generally have enough choices to suit most government employees. The bonus is, some government employers contribute more than the minimum 9.5 percent compulsory contribution.

Some of the other benefits of public offer funds is that they usually have very low fees and some offer MySuper accounts. Also, profits from the fund are invested back into the fund for the benefits of the members.

The Australian Commonwealth government statutory superannuation funds, such as the Commonwealth Superannuation Scheme, also offer generous death and invalidity benefits.

Performance and fee data is based on the option which is rated by SuperRatings and stated on each product's landing page. Past performance is not a reliable indicator of future performance. More detailed performance data is available by clicking on the details button.