Most super funds will let you choose the mix of assets e.g. 80% cash 20% growth. This is one alternative.
Another alternative would be to withdraw the whole amount out of the super fund and then invest directly in your Mother's name in term deposits/shares as appropriate. This way no managed fund fees or SMSF fees. If the total is $130k and your mother has no significant assets outside super then it is highly unlikely that your mother would have to pay tax on the income or capital, given the tax offsets given to senior Australians. This approach also avoids the issue of tax payable on super death benefits where paid to non-dependents (sorry to be morbid).
Personally, these approaches seem less hassle than a SMSF in the circumstances (btw I have a SMSF via esuperfund)
