Superannuation, commonly called "super," is a retirement savings system primarily used in Australia. It involves money earned by an employee being placed into an investment fund by their employer, with compulsory contributions typically around 12% of the employee's pre-tax income. This money is invested on behalf of the employee to grow over time, and it is legally accessible only upon retirement or meeting certain conditions. Superannuation is designed to provide financial security in retirement by accumulating savings in a tax-advantaged manner and reducing reliance on public pensions. Employees may also add voluntary contributions to their super fund. There are two main types of superannuation funds:

• Defined-benefit funds, where retirees receive a fixed payout based on factors like years of service and salary.
• Accumulation funds, where payouts depend on contributions and investment returns.

The superannuation system was introduced to promote self-funded retirement savings and is a major feature of the Australian retirement landscape, with trillions of dollars invested in such funds.