Superannuation in Australia refers to the arrangements which people make in Australia to have funds available for them in retirement.
In Australia, superannuation arrangements are government-supported and encouraged, and minimum provisions are compulsory for employees.
For example, employers are required to pay a proportion of an employee’s salaries and wages (currently 9.5%) into a superannuation fund, but people are encouraged to put aside additional funds into superannuation.
The minimum obligation required by employers is set to increase to 12% gradually stepping annually by 0.5% until 2025.
A person can withdraw funds out of a superannuation fund when the person meets one of the conditions of release contained in Schedule 1 of the Superannuation Industry (Supervision) Regulations 1994.