The strategy: To work out how the new rules for self-managed super funds affect me.

What new rules? Regulations came into effect last week (August 7) adopting some of the changes to self-managed funds (SMSFs) recommended in the Cooper review. These regulations are aimed at improving the governance of SMSFs, particularly how they manage and monitor their investments.

So what do I have to do? The head of technical services at SuperIQ, Kate Anderson, says there are four key changes. First, trustees will have to consider whether the fund should hold insurance for one or all of its members.

That isn't too onerous, as many people are already insured through their super fund (it is more tax-effective than buying the insurance yourself) and the regulations require it to be considered only - they don't make buying insurance compulsory. Anderson says funds will need to document their policy on insurance as part of their investment strategy and review it regularly.