Are you referring to WRAP accounts? These accounts provide the superannuant to select between a wide range of funds and stocks but when I looked a few years ago they were essentially restricted to larger companies (ASX 200). They may also have fees and restrictions attached to them. THe market cap restrictions are sad because company size does not necessarily equate to risk and opportunity in todays market.
Self Managed Superannuation Funds (SMSFs) are things you can set up yourself (probably with the assistance of a planner or accountant) and you run them yourself if you are up to meeting the reporting compliance requirements (if not your accountant can do it for some $$) . There is nothing I know of to stop you from including spec shares and small caps in your own SMSF.
