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 subfunds to represent the various products offered.
What is a subfund?
A subfund is a superannuation plan provided by a fund. This could be defined benefit, accumulation or pension. Like all things in Practifi, subfunds have a full range of workflow, management and analytics available for efficient and effective superannuation management.
What makes funds and subfunds different in Practifi?
Practifi allows you to configure unit based group insurance cover at the subfund 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 subfund and fund level. This provides easy management of product level KPIs as well as revenue and profitability at the product level.