In Australia, the term 'Retail superannuation fund' refers to a superannuation provider that is not an Industry superannuation fund, and so weren't established by a trade union as a method of managing worker retirement savings.[1][2][3]
There are various providers of retail super funds in Australia. Australia's four major banks, historically provided superannuation as a component of wealth management services. In recent years however, some international players have entered the market including Vanguard.
Retail fund managers have lobbied for legislative changes that reduce a differential treatment between industry funds and retail funds. One reform that has been advocated for is the de-regulation of workplace default funds; such as by removing certain funds from being a default payment option under Australia's award system.
Not being established in the manner of industry funds, the boards of trustees for retail funds typically do not consist of trade union or employer representatives.