Initially, you’ll need to organise the roll-overs of any superannuation that is held in other funds.

While you’re in the accumulation phase, your goal should be to grow your superannuation and maximise your investment returns. During this time you should manage your investments according to your and other member’s needs.

You’ll also have administrative responsibilities to ensure that the fund is run in accordance with the trust deed and superannuation laws. These laws impose certain responsibilities/standards on trustees, including:

• honesty
• skill, care and diligence
• separating personal assets from fund assets
• ensuring on-going communication and flow of information between members
• acting in the best interests of the fund’s members.

Financial statements must be prepared annually, and an income tax return for the fund must also be lodged each year.

When you leave the accumulation phase and reach your preservation age how you manage your fund will change too. You may wish to transition the fund to provide you with a retirement income stream. When you and/or other fund members reach pension age, your fund will start making pension payments to that member. Depending on your fund’s assets you may need to sell some assets to enable payment of the pension to the member.

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