Superannuation

Superannuation Meaning:
The name given to Australia’s retirement scheme.

Superannuation Example:
The superannuation scheme makes it compulsory for employers to deposit 9% of the pre-tax salaries of their employees into their employees’ nominated superannuation accounts. The balances of the accounts are invested. Superannuation accounts cannot be accessed until the beneficiary reaches ‘preservation age’ (which can be anywhere from 55-60) and permanently retires, or reaches the age of 65 whether working or not, or in a very limited range of exceptional other circumstances.