superannuation

[ˌsuːpərˌænjuˈeɪʃən]

superannuation Definition

• 1. a pension or retirement fund provided by an employer for its employees
• 2. the 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.

• superannuation guarantee

  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.

• defined benefit superannuation

  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'

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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.'