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Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement.It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement.
The taxable income of a superannuation fund is taxed at a flat rate of 15%; however, concessional contributions of those members whose taxable income exceeds $300,000 are subject to a rate of 30%. In the 2016 federal budget, the government proposed to reduce, effective 1 July 2017, the threshold when the tax rate of 30% comes in to members ...
The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual; [2] the terminology varies between countries. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions.
It was the largest superannuation fund merger in Australian history. [3] On 30 April 2022, the Australia Post Superannuation Scheme (APSS) was merged into the Australian Retirement Trust. [4] In May 2022, Woolworths appointed the Australian Retirement Trust to manage its corporate superannuation services. [5]
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund. Pension funds typically have large amounts of money to invest and are the ...
MTAA Super (Motor Trades Association of Australia Superannuation Fund) is an industry superannuation fund established to serve the motor trades and allied industries. Created in 1989, it has become one of Australia's largest super funds.
AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria.It is an industry super fund, and so operates through a mutual fund structure.. With over A$ 340 billion of retirement savings under management and more than 3.4 million members, AustralianSuper is the largest superannuation fund in Australia and the sixteenth largest pension fund in the world.
State Super is a superannuation fund in Australia that was established in New South Wales in 1919. It serves current and former government employees and public sector workers. As of June 2023, it manages close to $38 billion AUD in assets and has around 86,840 members.