A super annuation is a kind pension scheme in Australia. Employers must pay a proportion of the employee’s salary (currently standing at 9%) into a superannuation fund which the employee can access when they retire.

Employers must make a superannuation contribution to the employees designated superannuation fund at least every three months. These superannuation contributions get invested over the employees lifetime until they retire.

As superannuations are money for retirement, there are strict government rules preventing early access to the money unless in exceptional circumstances (such as severe financial hardship or compassionate grounds). Superannuation benefits largely fall into three categories:
Preserved Benefits: Benefits that have to be retained in the superannuation fund until the employee reaches their ‘preservation age’.
Restricted non-preserved benefits: These cannot be access until an employee meets a condition of release, such as terminating their employment.
Unrestricted non-preserved benefits: These do not require a condition of release to be fulfilled. They may be accessed on the request of the employee.

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Superannuation