Superannuation is a long-term savings and investment vehicle that provides tax-advantaged retirement benefits for members and their dependants in the form of lump sums, income or both.

There are many ways in which Australians save for their retirement, including buying a house, investing in shares and bank savings. Superannuation has rapidly grown as a long-term savings vehicle since the introduction of compulsory superannuation in 1992. More than 90% of Australian workers are now in superannuation funds and there are over 25 million superannuation accounts with assets of approximately $600 billion. The importance of superannuation has grown with the realisation of successive federal governments that the age pension cannot provide an adequate retirement income for many Australians and that superannuation is an essential part of the retirement incomes framework.

Superannuation is not well understood by the public despite the fact that most Australians have superannuation policies. It is important to seek expert legal advice about superannuation, disability and death claims, access applications and information about rights and entitlements.