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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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    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...
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    VIC Death Benefit Paid to Beneficiary Who Died 3 Weeks Later?

    My parents have passed away recently within 20 days of each other. My mother was a member of a APRA retail superannuation fund in pension phase with no insurance attached (over 70yrs). The death benefit was the accumulated balance in the fund. My father was her dependent beneficiary at her...
  3. J

    VIC Contract - Disputing Hours of Work?

    I have signed a contract which guarantees a minimum of 25 hours per week plus OT. It includes benefits such as holiday and sick pay and superannuation. However for whatever reason, last week I was only rostered on for 20 hours. Now, this week I have been paid my usual 25 hours into my account...
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    NSW What is Com Super Base Amount?

    Hi. My ex-wife and I have a binding financial agreement and have done everything but splitting my CSS super. I'm still working and still in this scheme. We know the correct wording to provide to the Commonwealth Super Scheme (or whatever it's called now) which requires us to say what "Base...
  5. J

    NSW Changes to Product Disclosure Statement - Help?

    My sister's superannuation provider is charging her fees inconsistent with the current Product Disclosure Statement. Many years ago, when my sister left her then employer, she left her superannuation with the same provider but changed from their corporate to retail product. At that time, the...
  6. E

    QLD Is this all above board?

    Hi all, I have queries that have been building up over time. I've tried to do my own research but as an immigrant to Australia (in 2013 from UK) I am struggling to reconcile all the different laws - what does and doesn't apply to me. I'll keep the story bullet-pointed to give the facts...
  7. J

    QLD Drafting Consent Orders for Property Settlement?

    Hello all, Earlier this week I posted about whether to lawyer up or not. And just now before taking that step my ex and I have agreed to a financial/ property settlement. A 65/35 split in her favour, which I am ok with in order not to prolong this stressful process. We are now trying to...
  8. W

    QLD Signing Documents While Under Involuntary Treatment Order - Recourse?

    Whilst under an involuntary treatment order under the Mental Health Act Queensland, I signed the proceeds of the sale of my portion of the house to the ex-wife. I also took emergency superannuation payments totalling about 60000 covering her mortgage arrears. Can I get my money back?
  9. S

    VIC Debt Collectors Chasing Me for Deceased Brother's Debt?

    Hi, I have recently been contacted by a debt collector trying to recover a credit card debt my brother had. My brother was not born in Australia. We grew up in Australia, but he moved to Malaysia about 12 years ago, and has lived there since. He did have an Australian bank account and credit...
  10. Paul Winnell

    VIC Executor of Will Not Responding - What to Do?

    Hello all, My ex-wife passed away on the 19th October 2017. At the time of her passing, our children had been in my full time care for 5 years (my ex was heavy drug user - hence the divorce and early passing). The executor of will was quite hostile towards me - even accusing me of killing her...