A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.
Australian labour law sets the rights of working people, the role of trade unions, and democracy at work, and the duties of employers, across the Commonwealth and in states. Under the Fair Work Act 2009, the Fair Work Commission creates a national minimum wage and oversees National Employment Standards for fair hours, holidays, parental leave and job security. The FWC also creates modern awards that apply to most sectors of work, numbering 150 in 2024, with minimum pay scales, and better rights for overtime, holidays, paid leave, and superannuation for a pension in retirement. Beyond this floor of rights, trade unions and employers often create enterprise bargaining agreements for better wages and conditions in their workplaces. In 2024, collective agreements covered 15% of employees, while 22% of employees were classified as "casual", meaning that they lose many protections other workers have. Australia's laws on the right to take collective action are among the most restrictive in the developed world, and Australia does not have a general law protecting workers' rights to vote and elect worker directors on corporation boards as do most other wealthy OECD countries.
The Shop, Distributive and Allied Employees' Association (SDA) is the largest private sector trade union in Australia, representing retail, fast-food and warehousing workers, and has branches in every state and territory. Its membership is predominantly in casual and insecure employment within the retail and fast food sectors. The union also represents a significant membership of workers from culturally and linguistically diverse backgrounds.
Nicholas John Sherry is a former Australian politician who served as a 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 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 fund members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages. From July 2023, the mandatory minimum "guarantee" contribution is 11%, rising to 12% from 2025. The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension system. Legislation to support the introduction of the superannuation guarantee was passed by the Keating Government in 1992.
Cherry picking tax avoidance was a form of tax avoidance used in Australia in the 1970s and early 1980s. Company contributions to a superannuation fund were claimed as tax deductions, but the money immediately went back to the company.
KiwiSaver is a New Zealand savings scheme which has been operating since 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can withdraw them earlier in certain limited circumstances, for example if undergoing significant financial hardship or to use a deposit for a first home.
An industry superannuation fund are Australian superannuation funds that historically were established by Australian trade unions to manage retirement savings for workers in their industry. Funds other than industry funds are referred to as 'retail funds'.
The Climate Institute was a Sydney-based policy think-tank established in 2005 to encourage progressive policies for managing climate change in Australia.
UniSuper is an Australian superannuation fund that provides superannuation services to employees of Australia's higher education and research sector. The fund has over 620,000 members and $120 billion in assets.
Sunsuper Superannuation Fund (Sunsuper) was 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 and is profit-for-members. Sunsuper was the largest superannuation fund by membership in Queensland, with 1.3 million members and over 100,000 default employers. As at December 2020, it had more than A$79 billion in funds under management.
A Personal Retirement Savings Account (PRSA) is a type of savings account introduced to the Irish market in 2003. In an attempt to increase pension coverage, the Pensions Board introduced a retirement savings account, that would entice the lower paid and self-employed to start making some pension provision. The intention was for PRSAs to supplement any State Retirement Benefits that would be payable in years to come.
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.
The Retail Employees Superannuation Trust is an Australian industry superannuation fund established in 1988. It is one of Australia's largest superannuation funds by membership, with around 1.9 million members in June 2022. Rest currently manages more than A$80 billion in 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.
The National Superannuation Fund (NASFUND) of Papua New Guinea (PNG) was established in May 2002, as the successor entity to the National Provident Fund (NPF). It is the largest private sector superannuation fund in PNG. In 2016, NASFUND reported net assets of PGK4.22 billion, representing a 28% growth on 2015.
CARE Super is an Australian industry super fund.
Industry Super Australia (ISA) is peak body for industry super funds in Australia.
In Australia, the term 'Retail superannuation fund' refers to a superannuation provider that is not an Industry superannuation fund, and so weren't established by a trade union as a method of managing worker retirement savings.
TWUSUPER is an Australian industry superannuation fund.
