Superannuation

Definition

• A type of retirement arrangement used in Australia. Employers are required to contribute into their employee's superannuation fund, and employees are encouraged to do the same but are not legally obligated.

Synonyms
pension, retirement plan, annuity

Related Terms and Acronyms

• Annuity — Definition,
  • A financial instrument that disperses a number of payments over a set period of time.
  • A regular periodic payment made by an insurance company to a policyholder for a specified period of time.
• Pension — Definition,
  • A retirement plan where money is set aside over many years for an individual's retirement.