👉 In the context of accounting and finance, "superannuation" refers to a type of retirement savings plan where employees contribute a certain percentage of their earnings into a defined contribution (DC) fund or an annuity. The funds are invested in a diversified portfolio of assets, such as stocks, bonds, real estate, or other investment options, with the goal of providing income and growth over time. Superannuation plans can be either defined benefit (DB) or defined contribution (DC), depending on
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What is the definition of Superannate? 🙋
👉 In relation to retirement, "superannuation" refers to a pension system that provides financial security and benefits to workers who have reached or are nearing retirement age. This typically includes contributions from employers in the form of salary increases or bonuses, as well as a guaranteed minimum income for those aged 65 or over. The term "superannuate" can be used to describe someone who is eligible for the full benefits of a superannuation system and has reached or is nearing retirement age. This
