What is superannuation?
Superannuation is a compulsory government scheme to help you save for retirement. Your employer pays mandated contributions to your super and you can also contribute funds to it yourself if you wish to. This money is then invested on your behalf by your super fund.
One of the benefits of super is that it is designed to be a tax-effective way to save for your retirement, with contributions and investment earnings in your super fund typically taxed at a lower rate than your normal earnings. Super is saved for your retirement and can be accessed when a condition of release is satisfied.