Superannuation is a retirement (including pension

Pension

In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...

s) program in Australia

Australia

Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...

. It has a compulsory element whereby employers are required by law to pay an additional amount based on a proportion of an employee's salaries and wages (currently 9%) into a complying superannuation fund.

An individual's superannuation fund can be accessed when the employee meets one of the conditions of release contained in Schedule 1 of the Superannuation Industry (Supervision) Regulations 1994.
Prior to the introduction of the "Superannuation Guarantee" in 1992 by the Keating

Paul Keating

Paul John Keating was the 24th Prime Minister of Australia, serving from 1991 to 1996. Keating was elected as the federal Labor member for Blaxland in 1969 and came to prominence as the reformist treasurer of the Hawke Labor government, which came to power at the 1983 election...

 Labor

Australian Labor Party

The Australian Labor Party is an Australian political party. It has been the governing party of the Commonwealth of Australia since the 2007 federal election. Julia Gillard is the party's federal parliamentary leader and Prime Minister of Australia...

 government, reasonably widespread superannuation arrangements had been in place for many years under industrial awards negotiated by the union movement

Australian labour movement

The Australian labour movement has its origins in the early 19th century and includes both trade unions and political activity. At its broadest, the movement can be defined as encompassing the industrial wing, the unions in Australia, and the political wing, the Australian Labor Party and minor...

 between wage increases.

The compulsory "Superannuation Guarantee" system was introduced as part of a major reform package addressing Australia's retirement income policies.