superannuation Definition
- 1a pension or retirement fund provided by an employer for its employees
- 2the act of retiring from work and receiving a pension
Using superannuation: Examples
Take a moment to familiarize yourself with how "superannuation" can be used in various situations through the following examples!
Example
The company offers a generous superannuation scheme to its employees.
Example
He has been contributing to his superannuation fund for over a decade.
Example
She is planning to retire next year and start receiving her superannuation payments.
superannuation Synonyms and Antonyms
Synonyms for superannuation
- retirement fund
- pension plan
- retirement benefit
Phrases with superannuation
self-managed superannuation fund
a type of superannuation fund where the members are also the trustees, giving them greater control over their investments and retirement savings
Example
He decided to set up a self-managed superannuation fund to have more control over his retirement savings.
a compulsory contribution made by employers in Australia to their employees' superannuation funds, currently set at 9.5% of an employee's earnings
Example
The superannuation guarantee ensures that all Australian workers receive some form of retirement savings from their employers.
a type of superannuation fund where the amount of retirement benefits paid to members is predetermined based on factors such as salary and years of service
Example
Many public sector employees are still covered by defined benefit superannuation schemes.
Origins of superannuation
from Latin 'super' meaning 'above' and 'annus' meaning 'year'
Summary: superannuation in Brief
'Superannuation' [ˌsuːpərˌænjuˈeɪʃən] refers to a pension or retirement fund provided by an employer for its employees, or the act of retiring from work and receiving a pension. Examples include 'The company offers a generous superannuation scheme to its employees.' and 'She is planning to retire next year and start receiving her superannuation payments.' Other phrases include 'self-managed superannuation fund,' 'superannuation guarantee,' and 'defined benefit superannuation.'
