A little context for anyone not familiar with Australia's financial sector: a superannuation fund (or 'super', colloquially) is the equivalent of a private pens

A little context for anyone not familiar with Australia's financial sector: a superannuation fund (or 'super', colloquially) is the equivalent of a private pension in the UK or a 501(k) in the US. Employers are legally required to make payments into an employee's nominated super fund; employers may choose a super fund on behalf of the employee (to make administration easier) but better employers allow employees to freely choose their fund. Superannuation funds are often industry-aligned, and some are managed by trade unions. UniSuper is the industry super fund for the university sector. EDIT: As others below have pointed out, yes, I meant a 401(k).