What is a fund?
In PractiFI, a fund is a type of provider and represents the superannuation trust entity, capturing key trustee details. A fund can have multiple sub-funds to represent the various products offered.
What is a sub-fund?
A sub-fund is a superannuation plan provided by a fund. This could be defined benefit, accumulation or pension. Like all things in PractiFI, sub-funds have a full range of workflow, management and analytics available for efficient and effective superannuation management.
What makes funds and sub-funds different in PractiFI?
PractiFI allows you to configure unit based group insurance cover at the sub-fund level, which will carry automatically down to member accounts. For example, you can define a default cover and a range of top up covers available for members in various classes so that insurances can be varied within a range without the need to individually underwrite member cover.
Member accounts can be managed and reported on at a sub-fund and fund level. This provides easy management of product level KPIs as well as revenue and profitability at the product level.