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A pension 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.
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income.
Nicholas John Sherry, a former Australian politician, is a former member of the Australian Senate for the state of Tasmania from July 1990 until June 2012, representing the Australian Labor Party. Sherry was sworn in as the Assistant Treasurer on 9 June 2009, after serving as the first Australian Minister for Superannuation and Corporate Law. Sherry was the first Assistant Treasurer from Tasmania.
Superannuation in Australia are the arrangements put in place by the Government of Australia to encourage people in Australia to accumulate funds to provide them with an income stream when they retire. Superannuation in Australia is partly compulsory, and is further encouraged by tax benefits. The government has set minimum standards for contributions by employees as well as for the management of superannuation funds. It is compulsory for employers to make superannuation contributions for their employees on top of the employees' wages and salaries. The employer contribution rate has been 9.5% since 1 July 2014, and as of 2015, was planned to increase gradually from 2021 to 12% in 2025. People are also encouraged to supplement compulsory superannuation contributions with voluntary contributions, including diverting their wages or salary income into superannuation contributions under so-called salary sacrifice arrangements.
Indooroopilly Shopping Centre is a major regional shopping centre in the western suburb of Indooroopilly in the City of Brisbane, Queensland, Australia. It hosts over 360 specialty stores and is the largest shopping centre in the western suburbs of Brisbane, by gross lettable area, and contains the only Myer store in that region.
The KiwiSaver scheme, a New Zealand savings scheme, came into operation from Monday, 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can also use them as a deposit for a first home.
Des Moore is an Australian economist and political commentator. After graduating in law from the University of Melbourne, Australia, and in economics from the London School of Economics, he worked for 28 years in the Commonwealth Treasury. He was deputy secretary of the Federal Treasury until 1987. From 1987 to 1996 he worked for the Institute of Public Affairs. He was also a Councillor at the Australian Strategic Policy Institute.
The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long term financial position. At 30 September 2019, it was valued at A$166 billion.
In Australia, an industry superannuation fund is a superannuation fund originally established to provide for the retirement of workers from a specific industry. Industry super funds are not-for-profit super funds. They are mutual funds, are membership-based and do not have shareholders. Many industry super funds are trade union-based. The main difference between industry super funds and retail super funds, which are public offer funds managed by financial institutions, is what happens with the profits. Retail funds distribute profits to shareholders or investors, ie., the trustee of the fund, while industrial funds return profits to members.
Legalsuper is an Australian superannuation fund dedicated to the legal community. It is the only industry superannuation fund for Australia's legal profession. Its MySuper default account is called MySuper Balanced option.
UniSuper is an Australian superannuation fund that provides superannuation services to employees of Australia's higher education and research sector. The fund has over 400,000 members and $65 billion in assets.
Sunsuper Superannuation Fund (Sunsuper) is an Australian public offer industry superannuation fund based in Brisbane, Queensland, Australia. It was established in 1987 as a multi-industry superannuation fund open to all workers. Sunsuper is the largest superannuation fund by membership in Queensland, with over one million members and over 100,000 default employers. As at October 2019, it had more than A$70 billion in funds under management.
The Superannuated Commonwealth Officer's Association (SCOA) was founded in New South Wales, Australia in 1923 to represent the interests of employees and superannuants (retirees) and their families from the Australian Commonwealth and Territory public sectors. SCOA is a non-political, not-for-profit organisation with members of branches in most states and territories as well as SCOA Australia, which was formed in 2013 to accommodate members in Queensland and South Australia when branches there closed down. Potential members in the Northern Territory may join any branch or SCOA Australia.
Daryl Albert Dixon is an Australian economic and investment writer and consultant. Presently the Executive Chairman of Dixon Advisory and Superannuation Services, he writes regular columns on personal investing, economic commentary and self managed superannuation in The Canberra Times, Australian Financial Review, The Australian and the former Smart Investor magazine.
Sir Leo Arthur Hielscher, AC is an Australian senior public servant and administrator. He retired on 30 June 2010 after 19 years as chairman of the Queensland Treasury Corporation. He has been acclaimed as one of the key figures responsible for transforming Queensland's economy in the late 20th century and early 21st century.
First State Super is a not-for-profit Australian superannuation fund. It was initially established in 1992 to provide superannuation benefits to New South Wales government employees, but is now open to anyone eligible to receive superannuation. It is one of Australia's largest superannuation funds, with more than $90 billion in funds under management and over 800,000 members.
MySuper is part of the Stronger Super reforms announced in September 2011 by the Gillard Labor government for the Australian superannuation industry to replace the previous default funds system with a new default system using low cost and simple superannuation products. MySuper compliant products may be provided by industry super funds, as well as retail super funds. Funds that do not operate as default funds, such as self managed superannuation funds (SMSFs) or choice products, are not subject to MySuper standards.
State Super, is one of the oldest superannuation funds in Australia beginning in New South Wales in 1919 with the creation of the State Superannuation Scheme for salaried public servants. It is in the Australian Prudential Regulation Authority (APRA) Top 15 super funds in Australia with close to $44 billion AUD in assets as at 30 June 2019 and nearly 100,000 members. State Super members include NSW government employees and public sector employees including police, teachers, nurses and more.
QSuper is an Australian superannuation fund based in Brisbane, Queensland. The fund was established in 1912 through an Act of Parliament. The State Public Sector Superannuation Scheme is also known as the QSuper Fund. The Board of Trustees of the State Public Sector Superannuation Scheme is responsible for the management of the QSuper Fund. On 26 Oct 2015 Michael Pennisi, the chief strategy officer replaced Rosemary Vilgan as CEO, who had served in that position for 18 years.
References
- 1 2 ARIA Annual Report to Parliament (2006-2007): Executive Summary, p. xvi Archived July 19, 2008, at the Wayback Machine