You need to open a bank account in your fund’s name to manage the fund’s operations and accept cash contributions, rollovers of super and income from investments. This account is used to pay the fund’s expenses and liabilities.
Keep the fund’s bank account separate from the trustees’ individual bank accounts and any related employers’ bank accounts.
You don’t have to open a separate bank account for each member but you must keep a separate record of their entitlement, which is called a ‘member account’. Each member account shows:
- contributions made by or on behalf of the member
- fund investment earnings allocated to them
- payments of any super benefits (lump sums or income streams).
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