Definition, Meaning & Synonyms

superannuation

noun

/ˌsuːpərˌæn.juˈeɪ.ʃən/

Definition

A regular payment made into a fund by an employee toward a future pension.

Examples

Many people rely on superannuation to fund their retirement lifestyle.
Employees can make additional contributions to their superannuation for extra savings.
Understanding how superannuation works is crucial for effective retirement planning.

Meaning

Superannuation refers to a retirement savings plan that is designed to help individuals save for their retirement. In many countries, it is often required by law for employers to contribute to these funds on behalf of their employees.