Types of super funds
Employers are required to have a default fund for their employee contributions, however, employees have a right to choose their own super fund to suit their needs.
Most major fund managers offer super funds with many investment options, including their own and those managed by other investment managers.
Industry funds, which are run by union and employer representatives, usually provide low cost funds with a limited range of investment options.
There are also do-it-yourself, or DIY super funds, which enable you to control your own super wealth, how it is invested and the income payments made during retirement. While offering greater flexibility and control, running your own fund does carry substantial legal responsibilities.