Superannuation: meaning, definitions and examples

In contexts outside Australia, 'superannuation' can be used to describe the process or condition of retirement or being retired due to old age.

• The professor faced superannuation after reaching the retirement age.
• Superannuation policies ensure that elderly employees have financial security.

A general term for any financial plan specifically set up to provide income after retirement. This can include personal savings plans, employer-sponsored plans, and state pension schemes.

• They began contributing to their retirement fund early in their careers.
• Having a solid retirement fund is key to financial security in old age.

Typically used to refer to a pool of resources managed by an organization or government to fund employees' retirements. It is common in both private and public sectors.

• The company's pension fund is performing well.
• She relies on her pension fund for most of her income post-retirement.

More broadly refers to plans structured for regular savings, which can be, but are not necessarily, intended for retirement. Savings plans can be short-term or long-term and are not exclusively for retirement purposes.

• They started a savings plan to fund their children's education.
• A savings plan can help you manage unexpected expenses.