Superannuation in Australia refers to the arrangements people make in Australia to accrue funds to replace their income in retirement. Superannuation in Australia is 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 (9.5% as of 1 July 2014) into a superannuation fund, however people are encouraged to further supplement their superannuation. From 1 January 2014, employers are required to pay default contributions to an authorised MySuper product. The minimum obligation required by employers is set to increase from 9% to 12%, gradually increasing annually from 2013.
An individual 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.