What is superannuation, and why is it important for you?

Superannuation is a mandatory savings scheme designed to help Australians save money that they can access in retirement. While super can be a highly tax-effective way of saving for old age, experts recommend paying attention to a few things so that you can get the maximum benefit from your super.

About a quarter of all super account holders in Australia end up with multiple super funds, paying unnecessary fees and premiums. Source: Getty Images