Members make contributions during their employment and receive the benefits of this form of saving in retirement. Public sector funds, being funds sponsored by a government employer or government controlled business enterprise, are exempt from direct APRA supervision.
Corporate funds are funds sponsored by a single non-government employer, or group of employers.
Industry funds generally have closed memberships restricted to the employees of a particular industry and are established under an agreement between the parties to an industrial award. Public sector funds are those funds sponsored by a public sector employer. Retail funds are pooled superannuation products sold through an intermediary to the general public. The assets of pension funds are shown in table 26.8 and include unfunded pension claims by pension funds on the Commonwealth Government where these have been formally recognised in accounting systems. The assets in the table do not include any provision for the pension liabilities of Australian governments to public sector employees in respect of unfunded retirement benefits.