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I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC


Super Facts and Tips

What Does A Specified Benefit Superannuation Fund Resemble?

Generally speaking, a specified benefit super fund pays superannuation benefits based upon a formula utilizing a fund member's typical salary and years of service. The following are the main types of specified benefit funds still in operation:
• Funded (taxed source) defined benefit super fund: Some economic sector service superannuation funds still pay specified benefits to members, although the number of such super funds is decreasing. Private defined benefit superannuation funds are also called 'funded' defined benefits fund. A number of public sectors specified benefits may likewise pay 'funded' specified benefits, although many of the older public sectors super funds are 'unfunded.'
• Unfunded defined benefit or untaxed super fund: If you have worked in the public service for a long time, then you may belong to an 'unfunded' specified benefit superannuation fund. What this implies is that the federal government does not make superannuation contributions while you are working (at least not for the entire employer superannuation responsibility) but pays out this cash from the government's 'consolidated earnings' on retirement. People who may be members of this kind of super fund consist of long-lasting public servants, and can consist of teachers, nurses, emergency services employees (if members of the older public sector funds), and normally consists of defense force employees.
• Hybrid super fund: Numerous specified benefit super funds are what are called 'hybrid' superannuation funds. A super hybrid fund provides specified benefits but might also allow fund members to open a specified contribution (accumulation) account which provides the last account balance that the member receives on retirement. The amount of the specified contribution account depends on upon the level of real contributions, charges and financial investment returns earned by the super account. In contrast, defined benefit interest is based on the fund member's last wage and years of service, rather than fund revenues on contributions, and fees.
• Constitutionally protected superannuation fund or CPSF: This kind of superannuation fund belongs under unfunded defined benefit superannuation funds. CPSF is unfunded and untaxed superannuation fund that provides no earnings tax on fund or contributions incomes.

If a superannuation fund is 'unfunded' (that is, super contributions are notional, instead of real cash being contributed at the time) then your super fund is referred to as an untaxed resource. Should a superannuation fund be 'funded' (superannuation contributions are in the form of cash), then such superannuation fund is called ‘taxed source’. In a number of instances, a superannuation fund may be partially funded and partly unfunded. This difference is still essential when working out the tax payable portion (if any) on retirement.

If you are interested to know more about this article, go to www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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