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What is a superannuation fund?
A self-managed superannuation fund (SMSF) is a way of saving for your retirement. It is a special type of trust set up and maintained for the sole purpose of providing retirement benefits to the beneficiaries. A formal trust deed is required.
To get started, follow the steps below.
To get started, follow the steps below.
Step 1. Setting up your business membership
To operate a superannuation account, a formal trust deed is required, which will state who are the trustees. The trustees can be an individual or a company.
Do all trustees have a personal membership with People's Choice?
Yes: Great! Proceed to the next step below.
No: Not a problem!
• Individual trustees – You need to be a personal member for a minimum of 12 months to apply for a Trust membership
• Company as trustee – You will need to set up the company membership first. If your company operates with multiple directors, ensure at least one director has been a personal member for a minimum of 12 months prior to opening the company membership. One business membership application form can be completed for both the company and the trust.
Do all trustees have a personal membership with People's Choice?
Yes: Great! Proceed to the next step below.
No: Not a problem!
• Individual trustees – You need to be a personal member for a minimum of 12 months to apply for a Trust membership
• Company as trustee – You will need to set up the company membership first. If your company operates with multiple directors, ensure at least one director has been a personal member for a minimum of 12 months prior to opening the company membership. One business membership application form can be completed for both the company and the trust.
Step 2. Get a head start with your business membership
If you would like to get a head start, download the application forms below and have them handy when you reach out to us.
Business membership application
Please note: All directors/trustees must sign the membership application form. Click the link below to download the application form
Step 3. Finalise your business account
If you have already completed the application form above, please bring this with you when you pop into one of our branches to finalise the business account for your superannuation fund.
Need some help? We've got you covered.
You can enquire about business banking online, over the phone or by visiting your nearest branch.
