The name given to Australia's retirement scheme that is compulsory for Australian Employers to provide to their workers, otherwise known as just 'super'. While originally in Australian retirement schemes started as defined benefit plans they transitioned to accumulation funds. The industry is composed of the following but not limited to Industry Super Funds, Self Managed Super Funds, Public Sector Funds and Retail Super funds.
The superannuation scheme makes it compulsory for employers to deposit 9.5% /proposed 10% of the pre-tax salaries of their employees into their employees nominated superannuation accounts. The balances of the accounts are invested. Superannuation accounts cannot be accessed until the beneficiary reaches 'preservation age' (which can be anywhere from 55-60) and permanently retires, or reaches the age of 65 whether working or not, or in a very limited range of exceptional other circumstances.