Superannuation (or more commonly known as ‘super’ in Australia) is money that is set aside and managed by a super fund. The super fund invests the money for an individual until they retire (if you were born after 1 July 1964, that age is 60). The idea is, by the time the individual retires, they will have enough money to support themselves for the rest of their life, rather than relying on a pension from the government.
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