superannuation
/ˌsuːpəˌrænjuˈeɪʃən/
Definition
A mandatory retirement savings plan or pension fund in Australia into which employers contribute on behalf of their employees.
Etymology
Derived from the Latin 'superannuatus,' meaning 'past the age of retirement' (from 'super-' meaning 'over' and 'annus' meaning 'year'). It entered English in the 17th century to describe the state of being retired due to old age before evolving to refer specifically to retirement pension systems.
In the news
The article notes that the financial gains from the sale of Myricx Bio will benefit several Australian superannuation funds, which act as institutional investors in the venture capital firm.
Brandon Capital Announces Agreement for Novartis to Acquire Portfolio Company Myricx Bio to Advance New Class of Cancer Therapeutics
Read the full article ↗markets.businessinsider.com