Superannuation, also known as "super," is a compulsory retirement savings scheme in Australia. It is a long-term savings plan for retirement. The superannuation rate is 11% of employees' ordinary time earnings. Employees can choose from any of the superannuation funds that are available in Australia. However, if employees do not choose a fund, their employer will pay superannuation contributions into a default superannuation product called 'MySuper'.