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What is an APRA fund? 

What does APRA do?
APRA fund vs SMSF
Examples of APRA funds
November 03 2025
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An APRA fund is a superannuation fund that’s managed by professionals and regulated by the Australian Prudential Regulation Authority (APRA).

Most super funds are APRA-regulated funds, except Self-Managed Super Funds (SMSF). APRA funds include industry, retail, corporate, and public sector super funds. If you aren't in a SMSF, you’re likely in an APRA fund.

What does APRA do? 

APRA is the Australian regulator that oversees super funds in Australia, excluding SMSFs, which are overseen by the ATO. Its role is to ensure fund trustees (person or company responsible for overseeing the super fund) manage contributions in members’ best financial interests. Put simply, APRA set the standards and supervises APRA super funds to make sure they follow strict rules to protect your retirement savings.

APRA fund vs SMSF

When choosing between APRA funds or SMSFs, the biggest difference comes down to how involved a member wants to be, and how much control they want over decisions. APRA funds are managed by professional trustees for large groups of members, while SMSFs are private funds managed by individuals (usually up to six members) who are also the trustees.

APRA fund vs SMSF: How they compare

  APRA Fund SMSF
Managed By Professional Trustee The members (either individual trustees of the SMSF or directors of a Corporate trustee)
Insurance Typically offered through super Memebers must arraneg themselves
Compliance responsibilities Professional trustee The members
Investment choice Range of options chosen by fund Managed by its members (either individual trustees of the SMSF or diretors of a Corporate trustee)
Administration Handled by the fund Managed by its members (either individual trustees of the SMSF or directors of a Corporate trustee

Examples of APRA funds

The main types of APRA super funds include:

  • Industry funds: run to benefit members, often linked to certain industries but typically open to everyone (such as Rest).
  • Retail funds: run by financial institutions, open to everyone.
  • Corporate funds: set up by companies for their employees.
  • Small APRA Funds (SAFs): Funds with fewer than five members but still managed by professionals.
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General

Is Rest an APRA fund?

Yes! Rest is APRA-regulated, and we take our responsibilities to protect our Members' interests very seriously.

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General

Is Rest an SMSF?

Rest isn’t an SMSF, it’s an industry fund. This brief explainer will help you understand difference between the two.

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Winding up your SMSF?

In this handy guide you'll learn the steps you need to take to wind up your SMSF, as well as how to roll into an industry fund like Rest.

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