The majority of funds open today are Accumulation funds. Defined Benefit funds were popular in the past but are now being phased out due to the increased risk borne by the employer. The main difference between Accumulation and Defined Benefit is the way the retirement benefit is accrued. For Accumulation funds, the retirement benefit is based on contributions, plus earnings or losses, less any deductions - much like a bank account.

Defined Benefit, on the other hand, calculates the retirement benefit based on the overall benefit, years of service and average salary.

Corporate, Government, Industry and Retail are all different types of funds. As the names suggest, Government funds are open to the public service sector, Corporate funds are open to employees of certain companies, Industry funds are open to people working in a certain industry of trade and Retail funds are open to the greater public. Most funds nowadays are open to a larger member base than in the past. If a fund is public offer, anyone residing in Australia may become a member, regardless of their occupation.

Self-managed super funds are also now widely used by the more experienced investor who wants to personally manage their super investment.