superannuation

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A pension (, from Latin pensiō, "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular installments for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment prior to retirement.
The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called retirement plans in the United States, they are commonly known as pension schemes in the United Kingdom and Ireland and superannuation plans (or super) in Australia and New Zealand. Retirement pensions are typically in the form of a guaranteed life annuity, thus insuring against the risk of longevity.
A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions. Occupational pensions are a form of deferred compensation, usually advantageous to employee and employer for tax reasons. Many pensions also contain an additional insurance aspect, since they often will pay benefits to survivors or disabled beneficiaries. Other vehicles (certain lottery payouts, for example, or an annuity) may provide a similar stream of payments.
The common use of the term pension is to describe the payments a person receives upon retirement, usually under pre-determined legal or contractual terms. A recipient of a retirement pension is known as a pensioner or retiree.

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  1. phillip lian

    VIC Tax treatment of these transactions for all the relevant parties concerned (Superannuation)

    Jump Ltd pays $87,000 to Stretch Super, a non-complying fund, on behalf of John, an employee, who is currently aged 39. John also contributes $5,000 to a complying superannuation fund, Squat Super, for his wife, Jane, who has assessable income of $39,000, no reportable fringe benefits and no...
  2. xshellionx

    SA Is a prisoner able to apply for early release of superannuation on grounds of hardship that his wife and 2 children are experiencing?

    Hello, I am asking on behalf of my friends. Her husband is currently incarcerated in an SA correctional facility and is 21 months in to a 38 month sentence. His wife and two children aged 4 years and 6 years are financially struggling with the main concern being keeping on top of mortgage...
  3. F

    QLD Settlement and Superannuation

    Hi All I'm going through a separation of a long-time defacto relationship. I'd like to hold onto the house if at all possible. My super balance is about 250K. How much of that balance can I use to pay her out? She's 64, on a disability pension, and unlikely to work again - would she be able to...
  4. F

    QLD Superannuation as Part of Property Settlement

    Hi Everyone I'm currently going through the settlement of a long-term defacto relationship. The property pool sits at about 600K, and primarily consists of a house (mostly paid for) and superannuation (about 140K is part of the pool, though I have about 250K in total). I want to retain...
  5. S

    Am I able to request AMP to freeze my late father's account without Probate?

    I am frustrated because, as the executor of my father's will, I have notified AMP that he is deceased and since have been trying to get them to freeze his AMP super account to stop it from being affected by the stock market. Meaning I'd like them to leave it in their care and not administer it...
  6. M

    QLD Is it possible to gift some of your super (10-15k) to a family member?

    Hi, Quick question for the experts. Is it possible to gift some of your super (10-15k) to a family member (mother)? Thanks for your response in advanced.
  7. C

    VIC Superannuation - Help with Legal Definition of “Lost Member”?

    Hi, I recently discovered an old superannuation account that was started in 2003. No contributions were ever made, apart from the initial rollover amount. All money has been eaten up over the years by insurance premiums and fees. I believe the trustee should have reported my account to the...
  8. D

    Wife stole my superannuation fro SMSF

    My wife and I have recently separated after I found she was having an affair. 5 years ago she encouraged me to roll my superannuation into a self managed super fund. I was under the impression that my superannuation was invested as she was a financial planner at a well respected financial...
  9. J

    NSW Legislation HELP - Does section 69 read with Section 11 Interpretations -

    Does section 69 of the insurance contracts act apply to a "varied" contract as defined under "Writing" of section 11 Interpretations? Is it interpreted in the way that if an insurer makes a variation to a life insurance contract, they are required to provide this in writing to the insured...
  10. H

    NSW CSA debt successfully garnishing superannuation?

    Hello, Would anyone have any advise on attempting to take ones superannuation as an “asset” for unpaid CSA debt? Especially in a case were they pay $35 per fortnight as of recently which stops CSA taking assets. However this is on top of the fact CSA have never found anything in his name, his...