Relates to a superannuation scheme whereby the fund’s liabilities are not matched by its current assets.

not furnished with funds; "an unfunded project"

Refers to a pension scheme where the fund's liabilities are not matched by its current assets. It may also refer to a loan facility which has not been fully drawn down or a cost/outgoing which has not been financed.

Your living trust is unfunded if you have not transferred assets into it.

In relation to superannuation, describing a scheme in which the accrued benefits payable to members (ie. the liabilities of the fund) are not matched by the fund's current assets. Some Government superannuation funds have unfunded liabilities. (See also Fully Funded).