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The way that the SMSF works – is that you get a trust deed – open up a bank account in the name of that SMSF – roll over your SMSF Funds into the bank account of that trust deed and then start investing. (opening up share trading acconts if needed)

There are two major problems with reliance on the Age Pension. Firstly, its just not a lot of money. Its only around 25% of the average wage. So right now, try living on about $15,000 a year, or $25,000 for a couple and see how you go. Secondly, with the Ageing population, the affordability for the nation in supplying these payments in the future will be very stretched due to a smaller number of people working, and hence less taxes available to pay for the higher number of people getting the Age pension.

The SMSF’s assets are totally under the control of the Trustees. The SMSF Trustees are responsible for all decision making regarding where to invest the SMSF’s assets, whether it is an investment property, equities, a Managed Fund or term deposit. All control lies in the hands of the Trustees whose money it actually is.

I’m sure there are other providers who offer better service and more flexibility, but no doubt their establishment and administration fees would be far higher. Check this esuperfund review section.