Dictionary

This dictionary helps explain terms that are related to super, investments, retirement and insurance.

A	Definition
Absolute return fund	A fund which aims to deliver returns that are above zero in a variety of market environments. Movements in share and bond markets have minimal impact on returns. This doesn't mean that absolute return funds will never have a negative return, as there are still risks involved. They’re also known as hedge funds.
Accident	When referring to AustralianSuper insurance, an accident is a bodily injury caused solely and directly by accidental, external and visible means, independent of any other cause.
Allocated pension	A type of retirement income arrangement under which an individual invests a lump sum and then draws down a regular pension to a value that takes account of expected cash flow needs and life expectancy. Income ceases when all capital has been used up.
Accumulation fund	Also called a defined contribution fund. It is a fund in which the benefit a member receives is the total of their contributions plus or minus investment returns, less fees and tax.
Active employment	When referring to AustralianSuper insurance, active employment means: you’re employed or self-employed, and capable of doing the normal duties of your job for at least 30 hours a week (even if you’re not working 30 hours a week). The Insurer makes this assessment.
Active style management	An investment management style where the managers use their skills in selecting and trading assets seeking better performance than the index against which they are measured. Managers will vary their strategy depending on current market conditions. The investments are reviewed on a regular basis so that the manager is in a position to benefit from movements in the market or from growth in individual assets. There are two major components of active management: asset allocation and stock selection.
Activity fees	This is a fee a member will incur directly for a requested service, such as a request to split their super contributions with a spouse. An activity fee will only be charged when an additional service is requested by the member.
Additional cover	If you have basic cover for Death and/or Total & Permanent Disablement, you can apply for additional cover in two ways: 1. Top up your basic cover amount by applying for extra (fixed) cover. 2. Apply for a total amount of fixed cover. If you have basic Income Protection and want more cover, you can only apply for a total amount of fixed cover. Additional cover is also known as voluntary cover.
Adjusted taxable income	Adjusted taxable income is a special term to test an individual’s eligibility, based on income, for certain Government benefits, such as Family Tax Benefit, and Commonwealth Seniors Health Card.
Administration fee	The fee charged by a super fund to cover administration costs.
Adviser service fee (Advice fees)	This is the fee you incur directly for receiving advice about your investment in AustralianSuper. This can include advice on your investment options, insurance cover, contributions to super and retirement options. The cost of advice on non-super matters can’t be deducted from your account. The fee can only be deducted from your account for services provided by a financial adviser registered with AustralianSuper, who has been provided with training by the Fund. The adviser service fee can be deducted under two situations: for initial advice: for advice received on the establishment of your account, or for once-off advice: for advice received on your account following establishment. There is no limit on the frequency with which the fee can be deducted.
After-tax money	An amount (usually income) after taxes have been subtracted.
Age-based cover	This insurance cover design is based on your age. This means the amount of cover you have and the cost of it changes as you get older. It follows a scale where a set amount of cover is provided based on your age. For Income Protection, the maximum payment you can receive is the lowest of: your level of cover, or 85% of your pre-disability income (the salary you earned before you were ill or injured), or $30,000 a month.
All Ordinaries Index	An index of companies listed on the Australian Stock Exchange (ASX), which is used as a benchmark to measure the performance of the Australian sharemarket. Other indices commonly used are the S&P/ASX 200 Index and the S&P/ASX 300 Index. See also S&P/ASX 200 Index and S&P/ ASX 300 Index.
Alternative assets	Unlisted investment vehicles that are ‘alternatives’ to the assets that have been included more traditionally in large institutional investment portfolios. AustralianSuper invests in alternative assets because they can play a valuable role in diversifying the investment portfolios to and so reduce overall portfolio risk and boost long-term returns to members. Alternative assets as an asset class is normally understood to include: Private Equity, Infrastructure, Absolute return funds (or hedge funds).
Annuity	An arrangement where payments are made to a person at regular intervals in return for the investment of a lump sum. See also: retirement income account; deferred annuity.
Alternative assets	The process of combining different types of assets in selected proportions to build a portfolio.
Asset backing	The value of a company's assets that underpin its issued shares. Some companies may have a strong asset backing even if the dividends they pay on shares are relatively low.
Asset specific portfolio	A portfolio that invests in a group of similar types of assets (eg. Australian shares).
Assets	The financial resources in which a fund invests on behalf of its members. Among other things, these may include shares, property, cash or bonds.
Assets test	(Also known as Age Pension assets test or Centrelink assets test.) A means test that assesses the value of the assets you own, to determine your eligibility for the Government Age Pension and other social security payments.
Assets under management	Investment managers and superannuation funds both look after 'assets under management'. It refers to the assets in all classes that are managed.
Association of Superannuation Funds of Australia (ASFA)	A non-profit, non-political national organisation whose mission is to protect, promote and advance the interests of Australia's superannuation funds, their trustees and their members.
Asset allocation	Asset allocation is the application of an investment strategy that tries to balance risk versus reward by dividing an investment portfolio among the different asset classes.
Asset class	Asset classes are the building blocks of your investment. Some investment options invest in one asset class, while others include a mix. We invest in the following asset classes: Australian shares, international shares, private equity, property, infrastructure, fixed interest, credit and cash.
ATO	The Australian Taxation Office. ato.gov.au
Applied work rating	In AustralianSuper Select, if your category and individual work ratings are different, we’ll apply the less expensive work rating to calculate the cost of your cover. This is your applied work rating.
Australian Financial Complaints Authority (AFCA)	An external dispute resolution scheme to deal with complaints from consumers (including superannuation fund members) about financial services and products. It provides consumers with a fair, free and independent dispute resolution service. It is desirable that complaints have been fully addressed through a fund’s internal dispute resolution procedure before considering making a complaint to AFCA.
Australian Prudential Regulation Authority (APRA)	The Federal Government body responsible for the regulation and monitoring of the insurance and superannuation industries.
Australian Retirement Fund (ARF)	In 2006, ARF merged with the Superannuation Trust of Australia and FinSuper to become AustralianSuper – one of the country’s largest superannuation funds.
Australian Securities and Investments Commission (ASIC)	The Federal Government body responsible for administering and enforcing the Corporations Act and laws to protect consumers in the areas of superannuation, investments, insurance and banking.
AustralianSuper Member Direct investment option	An AustralianSuper investment option, which enables AustralianSuper members to invest their account in shares in the S&P/ASX 300 Index plus exchange traded funds (ETFs) and term deposits. The AustralianSuper Member Direct option will replace the S&P/ASX 200 option in September 2011.
Automatic limit	If you’re in AustralianSuper Select and your basic cover design for Death and/or Total & Permanent Disablement is salary-based, your basic cover amount may increase or decrease if your salary changes (as advised by your employer). Your basic cover can increase up to an automatic limit and you won’t have to provide detailed health information, as long as you’re in active employment and eligible for cover. Your employer has arranged the automatic limit with the Insurer and us. You can find the automatic limit in the AustralianSuper Select booklet for your employer. We’ll write to you if your basic cover has reached the automatic limit. To increase your basic cover above the automatic limit in line with your salary, you’ll need to provide detailed health information and be assessed by the Insurer. The automatic limit doesn’t apply if you have fixed cover.
Average price	The mean, or average price, obtained in the purchase of a large number of shares or units.
Award	An agreement between employers and employees - usually in a particular industry - that has been ratified by Fair Work Australia. The award will set out salary levels and other terms and conditions of employment.
Award superannuation	Superannuation entitlements that are determined by a Federal or State industrial award. In some cases these entitlements may provide entitlements to employees, which are above the minimum Superannuation Guarantee requirement of 9% of salary.

B	Definition
Balanced fund	An investment portfolio that spreads its holdings over a range of high- and low-risk asset classes. A median balanced fund return is often used as a benchmark for superannuation funds to compare their investment performance.
Bank bills	A bill of exchange that lists a bank as the acceptor of the bill. As an acceptor, a bank has a liability to pay the holder the face value of the bill at maturity. In certain circumstances, the liability is contingent on the borrower, or drawer, defaulting.
Basic cover	Basic cover (also known as default cover), is the basic level of insurance cover we provide to members when they join. For most members, our basic cover design is age-based. This means the amount of cover you get and the cost of it changes as you get older. If you’re in AustralianSuper Select, your basic cover design is arranged by your employer and may be age-based, salary-based or fixed cover.
Basis point	The measurement of change in the value of an investment, equal to 1/100th of one per cent.
Bear market	A market in which prices decline sharply in light of widespread pessimism about economic conditions. The opposite of a bull market, and generally shorter in duration.
Benchmark	The performance measure an investment portfolio compares itself to. This may be the returns of a market index or a more specific target.
Benchmark allocation	The benchmark allocation is the long-term mix of asset classes selected that are most likely to meet the investment objectives within an investment option. The actual asset allocation may vary from this position (within a range) to take advantage of changing market conditions.
Beneficiary	The person (or persons) a member has nominated to receive their superannuation benefits in the event of the member's death. The person must be either a related dependant or a financial dependant or the member's legal personal representative. It is important to note that AustralianSuper will consider a member's preferred beneficiary but will take into account all relevant circumstances at the time. This means it may not pay a member's benefit strictly in accordance with the information the member has provided. Also see binding death benefit nomination.
Benefit	The amount of a member's entitlement in AustralianSuper or, in the event of the member's death, the amount to which other beneficiaries are entitled. Other than in cases of death or disablement, most benefits are only payable on retirement, and are subject to preservation rules.
Benefit (for AustralianSuper insurance arrangements)	When referring to AustralianSuper insurance, benefit means: the dollar amount payable to a member’s beneficiaries and/or dependants in the event of the member’s death or to the member in the event of their disablement. This includes any insured benefit payable plus the member’s account balance in the Fund.
Best of sector approach	When this term is used in the context of sustainable investment, it describes an approach to investing by investment managers where companies from all industries are selected for investment on the basis of their superior environmental, social and governance practices. This is different from ethical investing which often screens out entire industries (for example, armaments, uranium mining).
Binding death benefit nomination	A legally binding nomination that directs the Trustee how to pay a member’s benefit in the event if their death, as long as the nomination is valid and in force at the date of death.
Blue chip	A term referring to the shares of a leading company that is known for excellent management and a strong financial structure. The term has become a generic one used to refer to quality stocks.
Bond	A debt (fixed interest) security issued by corporations, governments or their agencies, in return for cash from lenders or investors.
Bonus issue	Shares issued by a corporation to its existing shareholders on a pro-rata entitlement basis.
Bonus shares	Shares issued by a corporation to its existing shareholders on a pro-rata entitlement basis.
Book value	The price paid for a security, as opposed to its current worth or market value.
Books closing date	The date a share registry is closed off after the declaration of a dividend so that the amount to be paid to each shareholder can be determined.
Bottom-up analysis	Analysis of a security commencing with forecasting returns for individual companies, then moving up to industries and finally to the whole economy. Compare with: top-down analysis.
Brokerage	A fee charged by a broker for the execution of a transaction, such as buying or selling shares; usually expressed as a percentage of the total value of the transaction.
Bull market	A market in which prices rise in light of widespread optimism about economic conditions.
Buy back	In relation to derivative markets, an offsetting purchase to cover or liquidate a short sale.
Buy sell differential	The difference between the buying and selling price of a stock.

C	Definition
Cap	Where stated in reference to an investment option, Cap means the maximum percentage amount of your account balance (excluding any funds you have in Member Direct) that you can invest and contribute to an investment option at the time of instruction. The Cap can be changed anytime at the Trustee's discretion.
Capital	The wealth of an individual or company that can generate an income. Capital can be held in the form of cash or securities such as shares or property. Also refers to funding for investment in capital assets or to operate a business.
Capital gain/loss	The difference between the purchase and sale price of a capital asset, such as shares.
Capital gains tax	A tax on the increase in the capital value of investments, payable when the capital gain is realised (that is, when the investment is sold).
Capital growth	An increase in the market value of an investment.
Capital guarantee	An investment product that provides a full or partial guarantee that the original amount invested (the capital) will be returned to members; that is, it won't be reduced due to poor investment returns.
Capital movement	Refers to the rise and fall of the value of an asset. See also capital growth.
Cash	Money in hand or in the bank, or an investment made in short-term money markets (for example, bank bills, treasury notes).
Category work rating	If you’re an AustralianSuper Select member, your employer arranges your category work rating for your insurance. You can find out what your category work rating is in the AustralianSuper Select booklet for your employer.
Closing price	The final sale price of a security at the close of trade on a particular business day on a public stock exchange.
Conference of Major Superannuation Funds (CMSF)	The CMSF is a national forum for trustees and service providers to discuss issues, share experiences, and improve knowledge of superannuation in Australia.
Co-contribution	If you earn $60,400 or less within the financial year 2024/25 and you make contributions of $1,000 or more to your super from your after-tax pay, the government will chip in up to $500 into your super account. This government payment is called a co-contribution. Some eligibility rules apply.
Collective or managed investments	A type of investment vehicle that pools the assets of multiple investors into a single vehicle with a common investment objective and strategy.
Complying annuity	An annuity that meets certain requirements set by the government and qualifies the holder for certain tax concessions.
Complying fund	A regulated superannuation fund that complies with the operational standards specified in the SIS regulations. Unless a fund meets the SIS regulations, they will not be able to accept Superannuation Guarantee contributions.
Compound interest (compounding)	When interest is earned on interest as well as on the initial investment.
Concessional contributions	Superannuation contributions for which a tax deduction can be claimed. Concessional contributions include employer Superannuation Guarantee (SG) contributions, additional employer contributions, salary sacrifice and contributions made by the self-employed for which they claim a tax deduction.
Conservative assets	Assets that generate a large part of their returns from regular income with limited potential for capital growth. These include fixed interest bonds and cash (the opposite of growth assets).
Constitutional corporation	A constitutional corporation is a trading or financial corporation formed in Australia in accordance with the Commonwealth Constitution. It excludes partnerships, unincorporated associations and sole traders.
Consumer Price Index (CPI)	The Consumer Price Index (CPI) is an index used to measure the prices of a select group of goods and services that typify those bought by ordinary Australian households. This index is used to measure inflation.
Contribution	A contribution is money deposited into a superannuation account by either an employer or a member and doesn't refer to rollover or transfer amounts.
Contribution fee	A fee charged by some funds on contributions paid to a member’s account. AustralianSuper doesn't charge this fee.
Contribution tax	When being paid into a fund, some super contributions are taxed and others are not, depending largely on whether a tax deduction can be claimed.
Corporate actions	An action taken by a publicly listed company relating to its securities. Examples of corporate actions include mergers, rights issues, bonus issues, changes of name or code, or capital returns.
Corporate superannuation fund	A fund that is set up by a company to provide superannuation for its employees.
Credit definition	Debt securities issued by companies and other entities as well as loans. Returns are mainly driven by economic growth and quality of the underlying company which issued the debt. Credit is a subset of the fixed interest asset class and in our portfolios is predominately higher yielding.
Crediting rate	Crediting rates are the investment return less investment fees, the percentage-based administration fee (applicable from 1 April 2020) and taxes. It doesn't include the impact of the administration fee deducted from account balances, insurance and other fees and costs. Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns.
Cum dividend	Refers to a share or unit which is trading in such a way that buyers, rather than sellers, qualify to receive the next dividend payment. The payment amount is usually reflected in the price of the share or unit in question. Cum dividend is the opposite of ex-dividend.
Cum rights	The opposite of ex-rights. A share that is trading in such a way that buyers receive the right to a new issue, usually resulting in a higher price.
Currency hedging	Movement of world currencies, combined with the value of an investment itself changing, cause returns on overseas investments to fluctuate. Currency hedging is a strategy that aims to reduce the risks in a fluctuating foreign exchange market.
Currency overlay or management	An investment management technique aimed at protecting an investor's assets from losses and providing access to potential gains associated with changing currency values.
Currency swaps	Is a foreign exchange derivative between two institutions to exchange the principal and/or interest payments of a loan in one currency for equivalent amounts, in net present value terms, in another currency.
Custodian	A company that safeguards and maintains assets on behalf of other people. Unlike a trustee (for example, AustralianSuper), which 'owns' the assets, a custodian is solely responsible for holding and safeguarding assets on behalf of others.

D	Definition
Death benefit	The amount payable to a member's beneficiaries and/or dependants in the event of the member's death.
Death insurance (death cover)	If you die, Death cover can help ease financial stress by paying a lump sum to your dependants, nominated beneficiaries (for example, your children or partner) or your legal personal representative (executor of your estate). For more information, read the Insurance in your super guide for your plan.
Derivatives	A financial contract whose value is based on, or derived from, another financial instrument (such as a bond or share) or a market index (such as the Share Price Index). Examples of derivatives include futures, forwards, swaps and options.
Default fund	A superannuation fund into which contributions are to be paid by an employer, in the absence of a choice being made by the employee.
Default option	The investment option for members who do not make an investment choice. AustralianSuper's default option is the Balanced Investment option.
Deferred annuity	A type of retirement income that begins payment of income at a future date.
Defined benefit fund	A superannuation fund where the benefit is determined by a formula. The formula usually includes a member’s salary and years of service with their employer. The benefit amount is not subject to the movements of investment markets.
Demergers	A type of restructure where a corporate or trust group splits its operations into two or more entities. Shareholders in the company gain direct ownership of a company that was formerly held indirectly.
Dependant	Under the SIS Act, the term ‘dependant’ generally means one or more of the following people; The spouse of the member (including a de facto spouse); Any child of the member – including any step child, any child recognised by the member as an adopted child and any child of the member born after the member’s death; Any person who the Trustee considers to have been wholly or partially financially dependant on the member at the time of a member’s death; Any person who the Trustee considers to have been in an ‘interdependency relationship’ with the member at the time of the member’s death.
Development capital	Usually refers to investments in relatively small, unlisted companies that have an established track record in their field of business and that require this new funding to finance their expansion.
Direct property	Direct holdings in residential, retail, industrial or commercial real estate.
Disablement cover for AustralianSuper insurance arrangements	Disablement (Total & Permanent) cover provides a lump sum payout to you if you become totally and permanently disabled. This amount is designed to replace your future income and provide you and your dependants with money to live on.
Diversification	Spreading of investments among different asset classes, securities and locations in order to control and minimise risk.
Diversified portfolio	A portfolio that invests in a mix of different types of assets.
Dividend	The amount a company pays out to its shareholders from its after-tax earnings. For individual shareholders, the payout is in proportion to the number of shares held. When company profits are down, the company may decide to pay a reduced dividend, or no dividend at all.
Dividend imputation	A legislative arrangement in Australia that eliminates the double taxation of dividends.
Dividend Re-investment Plan (DRP)	Automatically reinvests your dividends into more shares rather than providing them as a cash payment.
Dividend yield	The return on share investment, calculated by dividing the dividend rate (in cents per share) by the current share price and expressed as a percentage.
DIY Mix options	These are the AustralianSuper investment options made up of a single asset class (for example, Australian shares, property, cash).

E	Definition
Earnings before interest and tax (EBIT)	An indicator of a company's profitability, calculated as revenue less expenses, excluding tax and interest.
Earnings per share	A measure of a company's performance, calculated by dividing the company's net operating profit after-tax by the number of shares on issue.
Eligible employee	An eligible employee is anyone who receives payment in the form of salary or wages in return for their labour or services.
Eligible rollover fund (ERF)	A holding account, like AUSfund, designed to receive the super benefits of lost members and those with low account balances that are no longer receiving contributions.
Eligible termination payment (ETP)	Any lump sum payment from a superannuation fund, an employer on termination of employment, or a rollover fund, such as an approved deposit fund (ADF) paid prior to 1/7/2007. If the recipient is under age 65, the ETP can be paid into a superannuation fund, an ADF or a deferred annuity, which may defer and/or minimise tax liability. The expression is no longer used for superannuation payments.
Emerging markets	Developing countries that are experiencing, or are expecting to experience, more growth over a number of years relative to more mature, developed economies. Brazil, Russia, India and China are considered emerging markets.
Employee contributions (after-tax)	All contributions made by you from your after-tax income.
Employer contributions	Australian law requires employers to contribute a minimum level of money into an employee’s super account. The minimum level is 10.5% of an employee’s salary (ordinary time earnings) for the financial year 2022/23. Higher percentages may be made if specified by an Employment Agreement or Award.
Employer-sponsored fund	A regulated super fund that has at least one employer sponsor.
Employment agreement	An agreement between employers and employees that sets out salary levels and terms and conditions of employment.
Entry fee	A fee that a fund may charge when you make your first investment, usually a rollover.
Equities	Another name for stocks or shares.
Ex-date	The date on which shares are quoted ‘without dividends’ included. It is usually the fourth business day before the company closes its books. Shareholders must have purchased shares before the ex-date to be eligible for dividends.
Ex-dividend	A term meaning 'without dividend'. Refers to a share price quoted on the basis that the seller, not the buyer, is entitled to the current dividend on the share. Ex-dividend is the opposite of ‘cum dividend’.
Ex-rights	The purchase of shares without the right to purchase additional shares at a price below the current market price.
Exchange Traded Fund	An Exchange Traded Fund (ETF) is a managed fund that tracks a market or sector index and is traded on a securities exchange like shares.
Exit fee	A fee that some super funds may charge when you make a full or partial withdrawal of your super. AustralianSuper doesn't charge Exit fees.
Expected rate of return	The weighted average of all possible returns on an asset or portfolio. The weights represent the probabilities that the outcomes will occur.

F	Definition
Federal awards	Federal awards set out minimum wages and conditions of employment for specified employees and cover the key terms and conditions of employment established by Fair Work Australia.
Fee cap refund	If your account balance for a product offered by a superannuation entity is less than $6,000 at the end of the entity’s income year, the total combined amount of administration fees, investment fees and indirect costs charged to you is capped at 3% of the account balance. Any amount charged in excess of that cap will be refunded. This is referred to as a ‘Fee cap refund’.
Financial hardship	If you're experiencing financial hardship (you're not able to meet reasonable and immediate family living expenses) and you've been receiving a Commonwealth Income Support Payment for a minimum of a continuous period of 26 weeks (six months) , you can request an early release of up to $10,000 of your super. Further eligibility criteria apply.
Fixed cover (for AustralianSuper insurance arrangements)	With a fixed insurance cover design, the total amount of cover you have stays the same unless you change it and generally the cost of it increases as you get older. If you have fixed TPD cover, when you turn 61, the cover amount will be reduced each year until you turn 65 when it reaches zero.
Fixed Interest (bonds)	Loans to governments, private companies and banks that are issued as securities and pay regular interest over a set term. The principal amount borrowed is repaid when the security matures. The bonds in our fixed interest asset sector are investment grade.
Floating-rate note	Long-term debt securities whose interest rates are adjusted periodically in line with a benchmark rate.
Foreign exchange rate	The rate at which a country’s currency is converted into the value of another country’s currency.
Franked dividends	Franked dividends are dividends made to shareholders on which the company has already paid tax.
Franking credit	Tax credits that are passed on to shareholders who have received franked dividends in relation to their shareholdings. Also called an imputation credit.
Freeze	A status applied to a particular investment option which means members can't add funds to or withdraw funds from the option for a period of time. The status applies to all money coming in and going out of the option, including employer Superannuation Guarantee contributions, before and after-tax contributions, pension payments, withdrawals and investment switches.
Fringe benefits tax (FBT)	Fringe benefits tax (FBT) is a tax payable by employers who provide fringe benefits to their employees or to associates of their employees.
Fundamental analysis	Analysis of investments based on factors such as sales, earnings and assets that are key to the investment performance.

G	Definition
Gross domestic product (GDP)	A measurement (in dollars) of the goods produced and services provided within an economy over a 12-month period. It excludes income earned outside the country.
Growth	Refers to the returns from investments that exceed inflation.
Growth assets	A general term for assets such as shares and property that have the potential to provide higher long-term returns than conservative assets.

H	Definition
Hedging	The practice of undertaking an investment activity in order to protect against losses in another activity. While hedges reduce potential losses, they can also reduce potential profits. Typical hedges include currency forwards and share and bond futures.
Holding period	The length of time over which a stock is held.

I	Definition
Imputation credit	Tax credits that are passed on to shareholders who have received franked dividends in relation to their shareholdings. Also called a franking credit.
Inactive member	An AustralianSuper member who hasn't received any contributions or rollovers to his or her super account for 16 consecutive months is considered inactive.
Income assets	Assets that generate a large part of their returns from regular income and have limited potential for capital gains (for example, fixed interest and cash).
Income Protection insurance	Insurance cover that can provide monthly payments to help you get by if you become ill or injured (at work or outside of work) and can’t work. For more information, read the Insurance in your super guide for your plan.
Income test	(Also known as Age Pension income test or Centrelink income test.) A means test that assesses your annual income, to determine your eligibility for the Government Age Pension and other social security payments.
Incorporation by reference (IBR)	Some material is required or permitted to be located separately from the primary document, with a reference to be included in the primary document telling readers where they can find this information. This mechanism is called 'incorporation by reference' and is an important means by which the primary document can be kept short and concise, while providing full information elsewhere for those consumers who wish to read it.
Index	An index measures the changes in value of a market or sectors of a market. For example, the ASX/S&P Accumulation Index measures the change in the overall value of shares listed on the Australian Stock Exchange. Every country’s stock exchange has indices that measure the price of listed companies.
Index fund	An index fund aims to closely follow the investment performance of a selected market index.
Indirect Cost Ratio (the cost to manage your investment)	This is the cost to manage your investments. It includes investment management, custodian and asset consultant fees. Fees paid to investment managers may also include performance fees when their investment returns exceed agreed performance benchmarks. Fees are calculated looking back as at 30 June each year (using the average value of all the assets in the investment option over the year to 30 June). These may change from year to year.
Individual work rating	A work rating classifies the usual activities of your job into one of three ratings: Blue Collar, White Collar or Professional. Your individual work rating is one of the factors that determines how much you pay for your insurance cover. The default individual work rating is Blue Collar. But if you spend more than 80% of your job doing clerical or administrative activities in an office-based environment and don’t do any manual work, you may be eligible for a White Collar or Professional work rating, which means your cover will cost less.
Industrial shares	Often referred to as ‘industrials’, they are shares of companies that produce or sell goods or services, as distinct from resource or mining companies. Industrials make up about two-thirds of the Australian share market.
Industry superannuation fund (industry fund)	AustralianSuper is an Industry super fund. Industry funds originally catered to workers from a particular employment industry or industrial award. Most are now open to the public, are usually lower cost, and run only to benefit members, not shareholders.
Inflation	An increase in the prices of goods and services in the economy. It is typically measured by examining a basket of goods and services as reflect in the Consumer Price Index.
Information ratio	Used to measure a manager's performance in terms of both risk (ie volatility) and return, relative to a benchmark or other measure such as the inflation rate.
Infrastructure	An investment in essential services and facilities such as airports, roads and power stations.
Initial public offering	The first time a company offers shares to the public.
Insider trading	The illegal practice of trading in stocks on the basis of 'inside' or secret information which is not available to the general public.
Insurance premiums	The costs paid for any insurance cover you have. For AustralianSuper members, the premium is deducted monthly from your super account (unless your employer pays for it).
Interest rate swaps	A liquid financial derivative instrument in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another.
interdependent	When referring to AustralianSuper insurance, an interdependent is someone with whom you have a close personal relationship, you live with, you provide them or they provide you with financial assistance and you provide them or they provide you with domestic support and financial care. You also have an interdependent relationship if you have a close personal relationship and are unable to meet the other three requirements because one or both of you suffer from a physical, intellectual or psychiatric disability or because one or both of you were temporarily living apart.
Intraday suspension	Where trading in a listed stock is suspended, then resumes, within the same business day.
Investment choice	AustralianSuper offers you 10 investment options to choose from.
Investment fee (Investment management fee)	The fee covering costs associated with the investment of members’ assets, which includes investment managers’ fees, consultants’ fees, and custodian fees. The fee is directly paid from members’ accounts. AustralianSuper doesn't charge an investment fee but does charge an indirect cost ratio for the cost of managing members’ investments.
Investment manager	AustralianSuper engages specialist investment management companies (referred to in the industry as investment managers or fund managers) to invest money in the different asset classes on its behalf.
Investment style	The general approach that an investor applies to investing. Amongst other investment decisions, this can include deciding between value investing and growth investing, active and passive investing, and large caps and small caps.
Investment timeframe	The length of time you have to invest.
Investment vehicle	An asset such as stocks, bonds, mutual funds, options, futures or a property trust which is invested in with the aim of achieving a financial return.

J	Definition
Joint venture	A project undertaken by two or more parties to achieve a mutual objective. For example, a private company may enter into a joint venture with a government body in order to undertake and complete a construction project.

L	Definition
Large cap	An abbreviation for large capitalisation. Generally refers to companies with a market capitalisation between $10 billion and $200 billion, although these figures can vary between stockbrokers.
Legal personal representative	The person who is legally recognised to manage your affairs when you die.
Limited cover	Limited cover means that you won’t be covered for any illnesses or injuries that you already had before you got your cover. You will be covered for an illness that becomes apparent, or an injury that occurs, on or after the date that your cover starts, restarts or increases.
Liquidation	When a company is wound up and its assets are sold, liabilities settled and any remaining cash paid to shareholders. A company is insolvent if it is unable to pay its debts as its liabilities exceed its assets. Also referred to as insolvency.
Liquidity	The ability of an investment to be quickly converted into cash.
Listed company	A company whose shares are traded on the stock exchange and can be bought and sold by members of the public.
Listed funds	Funds that invest in a particular asset class, such as property or shares, and are listed on a public securities exchange such as the Australian Securities Exchange. Listed funds’ shares can be bought and sold on the stock market and their price and investment returns can fluctuate like other shares over the short term.
Listed property	Is a closed-end investment company that owns assets related to real estate such as buildings, land and real estate securities. They are listed on stock market exchanges and can be traded like common shares.
Listing rules	Rules set out by a public securities exchange (such as the Australian Securities Exchange). Companies must comply with listing rules to remain eligible for listing.
Long-position	An investor has a long position on an asset when they hold it with the expectation that it will increase in value.
Lump sum	A benefit payable as a single cash payment or as several part payments rather than gradually drawing-down as a retirement income or annuity.

M	Definition
Macro-economics	Analysis of broad trends and influences on the economy, as opposed to micro-economics, which focuses on the impact of individual companies and markets.
Managed fund	A fund that pools the money invested by many investors to buy a portfolio of assets.
Management expense ratio (MER)	The expenses of an investment option in a superannuation fund (for example, management, investment, trusteeship) as a proportion of the investment option’s net asset value.
Mandate	The agreed objectives given by a fund to an investment manager, often including: a benchmark that represents the minimum performance objective, guidelines as to maximum and minimum sector exposures, and prohibited investments.
Margin lending	A program through lending institutions that allows you to borrow money for the purposes of investing it. The amount of credit loaned is based on the amount of assets owned by the borrower, which are used as security on the loan.
Marginal tax rate	The rate of tax a person will pay on their income. Marginal tax rates vary according to income levels.
Market capitalisation	The sum of the total number of shares on issue multiplied by the market price.
Market price	The last reported price at which a stock sold (if on an exchange).
Market timing	Purchase or sale of stocks on the basis of shorter-term price patterns and temporary market opportunities, as well as judgements of underlying value. Market timing is extremely difficult to get right consistently, particularly for an individual investor.
Master fund or master trust	A fund that allows a large number of unconnected companies and/or individuals to operate through numerous sub-funds in the same fund. Banks, life insurance companies, and specialist superannuation administrators generally operate them.
Mean	A term used for ‘average’.
Means test	A means test (or means testing) is an assessment of resources a person has available to support themselves.
Median	The number that appears exactly half way in a set of data. For example, five managers may have produced annual investment returns of 1%, 2%, 4%, 10% and 20%. The median return is 4% (the third of five figures). The average (or mean) is 7.4%.
ME Bank	ME bank is a licensed bank and is owned by some of Australia's biggest Industry SuperFunds. ME Bank was created to give members of Industry SuperFunds access to low cost banking and better service.
Merger	A form of corporate restructuring where two companies combine into one. Also referred to as a takeover.
Micro economics	Analysis of the impact of individual companies and markets on the economy, as opposed to macro-economics, which focuses on broad trends and influences.
Morgan Stanley Capital Index (MSCI)	An index often used as a benchmark to compare against the returns of overseas shares.
Multi-industry fund	An industry superannuation fund that caters for employees in a range of industries.

N	Definition
Name and or code change	The change of a company’s legal name or ASX stock code.
Net asset backing	Total shareholder funds in a company (total assets less total liabilities) divided by the number of shares on issue.
Net asset value	The total assets of a company, less total liabilities.
Non-concessional contributions	Are contributions made to super from a person’s after-tax income. The terms: non-concessional contributions, post-tax contributions, and after-tax contributions, are often used interchangeably.
Non-preserved amount	Unrestricted non-preserved amounts can be withdrawn at any time and are not subject to preservation rules. Restricted non-preserved amounts become unrestricted non-preserved amounts on cessation of employment.

O	Definition
Off-market share buy back	An invitation to shareholders to sell some or all of their shares in a company within a certain timeframe at a premium to the market price. The transfer of shares is executed off-market, which means it is not executed through a broker on the ASX.
Ordinary time earnings (OTE)	The before-tax earnings based on an employee's ordinary hours of work, generally excluding overtime, it is used as the basis for calculating employer contributions for Superannuation Guarantee purposes.
Outperformance	Obtaining a higher investment return than a benchmark or other measure against which that return is compared.
Overweight	Where investments in a particular area have a greater exposure compared with the benchmark exposure.

P	Definition
Participating employer	An employer who has registered with AustralianSuper to make superannuation contributions on behalf of their employees.
Passive style management	An investment management style where the manager seeks to achieve performance equal to the market or index returns. No judgements are made about future market movements, unlike active investment management.
Pay as you go (PAYG)	A taxation system for wage and salary earners under which income-tax is deducted in instalments from periodic payments such as salary, wages or retirement income.
Payroll tax	Tax an employer withholds based on the wage or salary of the employee.
Pension	A regular periodic payment provided by the Government (social security).
Personal contributions	Contributions made by you to your super account from your after-tax take-home pay.
Personal superannuation	If you're self-employed or have a rollover amount to invest, you can join AustralianSuper’s Personal Plan. It is open to almost anyone who doesn't have a contributing employer.
Portability	Portability rules allow you to transfer your super from one fund to another.
Portfolio	An investor's range of investment holdings, usually with reference to the mix of different asset classes or if in a single asset class, the mix of different sectors and stocks.
Portfolio administration fee	The portfolio administration fee (PAF) is charged to access the AustralianSuper Member Direct online platform, which includes 20-minute delayed ASX pricing, live stock quotes and Thomson Reuters news, company and market data.
Post-30 June 1983 component	The portion of your benefit that relates to employment service after 30 June 1983 and forms part of the taxable component if you take a superannuation benefit before age 60.
Pre-1 July 1983 component of a superannuation benefit	The portion of your benefit that relates to employment service before July 1983. This portion is tax-free.
Pre-disability income	The monthly value of income received by an insured member from all their regular occupations averaged over the 12-months immediately prior to becoming disabled.
Preference shares	Shares which rank before ordinary shares in the event of liquidation of the issuing company, and which usually receive a fixed rate of return on the unfranked investment.
Premium (insurance)	The cost paid for any insurance cover you have. For AustralianSuper members, the premium is deducted monthly from your super account (unless your employer pays for it).
PreMixed investment options	AustralianSuper’s PreMixed investment options are made up of a mixture of asset classes, with different levels of potential return and different levels of risk.
Preservation	The legal requirement that certain superannuation benefits must be held in a superannuation or rollover fund until the member retires after reaching their preservation age. Only in very limited circumstances, including total and permanent disablement and severe financial hardship, can preserved amounts be released before the member reaches this age. All superannuation contributions made after 30 June 1999, including personal and investment earnings are considered preserved.
Preservation age	The minimum age at which you can access your super, provided you have permanently retired from the workforce. From 1 July 2024, this is 60 years of age.
Preserved benefits	All contributions made on your behalf into your super account, on or after 1 July 1999, are called preserved benefits. Generally, you can’t access this money from your super fund until you retire permanently from the workforce on or after preservation age, which is 60 years of age.
Preserved funds	Money held in your super account that you can’t access until you retire permanently from the workforce on or after preservation age, which is 60 years of age.
Price-earnings ratio	A share’s market price divided by its current or estimated future earnings per share. The higher or lower the ratio relative to the average of the sharemarket, the higher or lower the expected profit.
Private equity	Investment in an unlisted company or enterprise.
Product Disclosure Statement	An information booklet that you receive when you join a fund, which sets out the key features of that fund.
Profit	The amount earned upon selling an asset that has increased in value beyond the original purchase price.
Property	Usually refers to real estate, including land and buildings that can be bought, sold or leased.
Property trust	A fund that invests in residential or commercial properties. Shares in listed property trusts can be bought and sold on the stock market.
Proxy	A written authorisation that a shareholder gives to someone else to vote at a shareholders' meeting.
Public offer fund	A super fund that anyone can join. AustralianSuper is a public offer fund.

R	Definition
Real rate of return	The amount by which the rate of return exceeded the rate of inflation over a period.
Redeemable preference shares	Shares that can be sold back to the issuing company on a specified maturity date for their face value plus dividend.
Registered agreement	A contract that outlines the wages and conditions of employment.
Regulated superannuation fund	A super fund that falls under the regulation of the SIS legislation. A fund becomes a regulated superannuation fund when it elects to be regulated with the Australian Prudential Regulation Authority. The fund must have a Trustee which is either a constitutional corporation, or if the Trustees are individuals, the sole or primary purpose of the fund is the provision of retirement income for its members.
Reporting compliance	Refers to the large body of information that superannuation fund trustees are legally required to provide to members, to their parties and to regulatory authorities such as the Australian Taxation Office and the Australian Prudential Regulation Authority
Resource shares	Shares of companies engaged in mining, energy and commodity-related (for example, agricultural) activities.
Restricted non-preserved benefits	If you had an arrangement with an employer to contribute after-tax super for you before 1 July 1999, you may have benefits which are classified as non-preserved.
Retirement income account	An income arrangement where an individual invests a lump sum and then draws down a regular income to a value that takes account of expected cash flow needs and life expectancy. Income ceases when all capital has been used up. Also known as an account-based pension.
Retirement savings account (RSA)	A type of super account, generally offered by banks, that is designed for people who only have very small super contributions or who work infrequently. RSAs are required to be capital guaranteed, and are therefore likely to provide much lower returns to members than superannuation funds. RSAs are not subject to the same reporting and accountability requirements as superannuation funds, and are not required to provide members with details of their costs. Few RSAs provide insurance cover.
Return	The amount of money received from an investment, usually expressed as a percentage.
Rights issue	An offer made to a holder of an existing stock to purchase new stocks issued by a company at a discount compared with the existing market price, and able to be exercised within a relatively short time (30-60 days). Also known as an entitlement offer.
Rollover	The transfer of a super fund benefit to another super fund.

S	Definition
Salary	Salary or wages is generally any periodical payment made to a person in return for work or services.
Salary-based cover (may apply if you're in AustralianSuper Select)	For Death and Total & Permanent Disablement cover there are two types of salary-based cover: 1. Percentage of your salary multiplied by future years of service: Cover is calculated by multiplying your salary by a pre-determined percentage and your future years of service (calculated by reference to completed years, month or days) remaining until age 65. For example, 15% x your salary x future years to age 65. 2. Multiple of your salary: Cover is calculated by multiplying your salary by a pre-determined amount. For example, 4 x your salary. For Income Protection, salary-based cover is 75% or 85% of your salary. This means your cover is calculated by multiplying your salary by 75% or 85%. Generally, if your salary changes, your Income Protection cover amount changes too (limits and conditions apply). The definition of salary for salary-based cover may differ from one employer to another. See the AustralianSuper Select booklet for your employer for the definition that applies to you.
Salary sacrifice	Within super, salary sacrifice is an arrangement between you and your employer where you choose to give up part of your before-tax salary and add it directly into your super account.
Sector	Stocks or shares are usually grouped into different sectors depending on the company’s principal business activity. For example, mining companies belong to the materials sector.
Securities	A financial investment, such as a share or bond, which is tradable in financial markets.
Self-managed super fund (SMSF)	A private super fund you can manage yourself. SMSFs are regulated by the Australian Taxation Office and can have one to four members. All members must be trustees to ensure they are fully involved in the decision-making of the fund.
Share purchase plan	An offer from a company to existing shareholders giving them the option to purchase additional shares, at a discount to the market price, during a particular timeframe.
Share split	When a company’s shares are divided into a larger number of shares, each share has a corresponding lower market value. Share splits impact the total number of shares you own rather than their value. A share split is the opposite of share consolidation.
Shares	Parts of companies which may be owned by investors (known as shareholders), giving them certain rights such as the right to participate in profits through dividends and voting rights.
Short position	An investor has a short position on an asset when they sell a borrowed security, commodity or currency with the expectation that it will fall in value.
Single Issue (Superannuation) Certified Agreement	In some circumstances, where the workplace is affected by Choice, an employer may prepare an agreement that is solely to designate a particular superannuation fund.
SIS legislation	See Superannuation Industry (Supervision) Act 1993.
Small cap	Abbreviation of small capitalisation. In Australia this generally refers to companies outside the top 100 largest listed companies.
Stapling	Combining separate classes of securities into a single security, so they are traded as a single security rather than individual units.
Standard & Poor's ASX 300 Index (S&P/ASX 300 Index)	The S&P/ASX 300 Index measures movement of the 300 largest stocks on the Australian share market. This lets you get a broad idea of how the market is performing as a whole.
Social security assessment tests	Tests used by Centrelink to check eligibility for the Government Age Pension.
Spread (Buy-Sell Spread)	This is a fee to recover transaction costs incurred by the trustee in relation to the sale and purchase of assets (for example shares).
Standard Choice Form	A form your employer gives you stating which superannuation fund it will pay your Superannuation Guarantee payments into unless you choose another fund. To choose another fund you complete this form and give it to your employer.
Stapled security - Listed Property Trust (LPT)	A stapled security consists of two or more securities, for example a unit in a trust and a share in a company, which are combined and can't be traded separately. In the context of the Listed Property Trust (LPT) sector, stapled securities often involve the combination of a property management company (where returns are primarily generated from rental income) with a funds management or property development company (where returns are generated from broader activities). As such, stapled securities have a different risk profile to units in a traditional property trust.
Stock	A company listed on a share market. A share refers to a unit of ownership of a company's equity. For example you might hold 1,000 shares in XYZ stock.
Stock suspension	Trading on a stock can be suspended at the discretion of the ASX. This may occur when a company or trust hasn't paid its listing fees, when the ASX requires further disclosure, or for other reasons. A suspension can last indefinitely. There can be no trading while a stock is suspended unless permission is granted by the ASX.
Superannuation	Money saved in a fund during a person's working life, to be used in retirement.
Superannuation Calculator	A web-based interactive tool enabling you to easily estimate and compare various features of any given superannuation fund.
Superannuation Concessional Rate	A Federal Government tax (15%) that is applied to before-tax superannuation contributions.
Superannuation fund	A fund regulated under legislation for the investment of retirement savings.
Superannuation Guarantee (SG)	Contributions that your employer must pay for you by law are usually called Superannuation Guarantee (SG) contributions. For the financial year 2024/25, the minimum level of SG contributions is the equivalent of 11.5% of ordinary time earnings from 1 July 2024. If you're aged 18 years or over, your employer must pay SG contributions into your superannuation fund. This money is not taken out of your wage or salary; it is paid in addition to your wage or salary. An annual contribution limit applies.
Superannuation Guarantee Charge	A penalty payable by an employer if the minimum Superannuation Guarantee contribution for any employee is not paid on time.
Superannuation Industry (Supervision) Act (SIS) 1993	The legislation that governs the operation of all regulated superannuation funds.
Superannuation Surcharge	The superannuation surcharge has been abolished which means that no future assessments for this tax will be entered by the Australian Tax Office. However, some members may still have a surcharge liability in respect to contributions made for the financial years up to and including the 2004/2005 year of income.
Superannuation Trust of Australia (STA)	Merged with the Australian Retirement Fund (ARF) and FinSuper to become AustralianSuper.
SuperRatings	An organisation specialising in the research of Australia's industry superannuation funds, corporate superannuation funds, master trust products, and non-public offer superannuation funds.
Sustainability	The sustainability of a company is its ability to maintain long-term growth without causing environmental or social damage. A company's economic, social and environmental performance is evaluated as part of its overall sustainability rating. This is also known as the triple bottom line.
Switching	Moving all or part of your account balance from one superannuation investment option to another.
Switching fee	A fee that a fund may charge when you change investment options.

T	Definition
Tactical asset allocation	Where the asset allocation of a portfolio is changed on a short-term basis to take advantage of differences in the relative values of the various asset classes.
Tax File Number (TFN)	A unique number issued to individuals and organisations by the Australian Taxation Office to increase the efficiency in administering tax and other Commonwealth Government systems such as income support payments.
Tax free component of a superannuation benefit	The component is tax free. The exempt component will comprise: the pre-July 1983 component, the Capital Gains Tax exempt component, the post June 1994 invalidity component, the concessional component and non-concessional (after-tax) contributions.
Taxable component of a superannuation benefit	This includes the post-June 1983 component and the non-qualifying component. Tax is payable on this component if you take a superannuation benefit before age 60.
Term deposit	A cash deposit at a banking institution, which pays a set interest rate over a specified investment timeframe.
Today’s dollars	The projected amount discounted to take out the effect of inflation. The amount reflects the current buying power of your final superannuation account balance. For example $100 in 20 years' time may be worth only $60 today.
Top-down analysis	Analysis of a security commencing with broad macro-economic trends, then assessing the impact on industries and, finally, on individual companies.
Total & Permanent Disablement (TPD) cover	TPD cover can provide a lump sum payment if you become totally and permanently disabled and can no longer work. It can help cover the costs of rehabilitation, debt repayments and the future cost of living. For more information, read the Insurance in your super guide for your plan.
Total Disability	When referring to AustralianSuper insurance, total disability means to be totally unable to perform all income producing duties of your usual occupation, be under the regular care of and following the advice and treatment of a medical practitioner, and not be working in any occupation (paid or unpaid). For mental health conditions the treating practitioner must be a registered psychiatrist.
Trade-Weighted Price	The average price derived by weighting the filled buy (or sell) prices of an order according to the respective volume of shares bought (or sold) at each price.
Transaction account	The online cash account within the AustralianSuper Member Direct investment option. Members invested in this option can use the funds in their transaction account to invest in shares, exchange traded funds (ETFs) and term deposits.
Transition to retirement	The period in which a person prepares to leave the workforce (full-time) and move into retirement.
Trust deed	A legal document that sets out the rules governing the operation of a superannuation fund. Members are entitled to view a copy of their fund's trust deed, although they may be charged a fee to be sent a copy.
Trustee/s	The persons or corporate body that has legal responsibility for the running of a fund in accordance with the requirements laid out in the trust deed. The trustee has a duty to act in good faith and in the best interests of members, and is governed by the Australian Securities & Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA).

U	Definition
Unclaimed superannuation	Superannuation that people have lost touch with. See also AUSFund.
Underweight	Where investments in a particular area have lesser exposure compared with the benchmark exposure.
Unfranked dividends	Dividends paid by companies that are (a) not subject to Australian tax; or (b) paid by Australian companies, but before the introduction of dividend imputation (see above) in 1986. Recipients of unfranked dividends are subject to tax at their normal marginal rate.
Unit trust	A collective investment vehicle, established under a trust deed, that continually offers new units and stands ready to redeem existing ones from the owners.
Unlisted	Refers to a company, shares or fund that is not available for purchase or sale through the Australian Stock Exchange.
Unlisted property trusts	A collective investment vehicle which owns a portfolio of real property through the trust's manager, as opposed to listed property trusts which can be bought and sold on the stock exchange.
Unrestricted non-preserved benefits	Any unrestricted non-preserved amounts – usually after tax contributions made before 1 July 1999 – can be withdrawn at anytime.

V	Definition
Value investing	Investing in an asset that is seen as undervalued and selling when the asset is overvalued. This type of investing tends to run counter to market trends.
Value investor	An investor who seeks to buy stocks when they are underpriced and make a profit by selling them when they appear overvalued.
Venture capital	Capital usually associated with a new business or venture and particularly in relation to new technology projects.
Vesting	The inclusion of all or part of the employer contributions in the benefit payment to a member who leaves his or her employment before being eligible for a retirement benefit. 'Full vesting' means that the member is entitled to all of the employer contributions, while 'partial vesting' means that only a portion of the employer's contributions are applied to the member's benefit. A 'vesting scale' sets out the rate at which, over the period of employment, the employer's contributions vest in the member. In general, vesting scales now apply to only a limited number of schemes, most of which have been in operation for many decades. Almost all superannuation funds now provide for full vesting for all their members.
Volatility	The degree of fluctuations in an investment, for example share prices, exchange rates or interest rates. Volatility is one measure of risk.
Voluntary contributions (known as Non-concessional contributions from 1 July 2007)	Personal contributions made by a member to his or her account. These are additional to any employer contributions. An annual contributions limit applies. See 'Employee contributions' for more details.

W	Definition
Waiting period	When referring to insurance, the waiting period is the number of days that you must wait before you're eligible to make an Income Protection claim and for your claim to be assessed. Your waiting period starts on either the date you stopped working because of an illness or injury, or the date a medical practitioner certifies you as unable to work due to illness or injury, whichever is later.
Watchlist	A feature within the AustralianSuper Member Direct investment option. A watchlist is a model or mock portfolio of stocks or ETFs that you create. Watchlists are useful for monitoring shares you might be interested in buying or those you already hold.
Weighting	The relative proportion of each of a group of securities or asset classes within a single investment portfolio.
Windows Media Player	Windows Media Player is a free software media player used for playing audio and video on personal computers running Microsoft Windows. The basic file formats are WMV (Windows Media Video & Audio), WMA (Windows Media Audio), and ASF (Audio Structured File).
Withholding tax	The tax payable on payments, such as dividends, interest and debt repayments, sent to foreign entities.

Y	Definition
Yield	The return of an investment, expressed as a percentage. Can also refer to the profit that an investment is likely to return.

Z	Definition
Zero Coupon Bonds	Discounted bonds which are issued with no coupon; that is, there is no periodic income payment, and the yield to the bondholder is derived from the capital value of the bond at its maturity.

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This dictionary helps explain terms that are related to super, investments, retirement and insurance.