Australia handles pension/superannuation very differently from other countries. In 1988, Australia switched employees to superannuation funds (from hereon referred to as a super) from regular pensions.
A super is a fund where your employer pays in 9% of your salary. This 9% could be on top of the salary you agreed on, it all depends on what you've negotiated. If you negotiated your salary to be $50,000 + super, your employer would contribute $4,500 into your super fund throughout the year.
This super is then supposed to be used in your retirement as a source of income. I believe that withdrawls from the super when you are retired are taxed at a lower rate, but don't quote me on that.
If you change employers, it is really easy to move your super. Your new employer just starts contributing to your existing super, so pension is really portable. You can even choose which super fund you will be using and where the super is going to invest the money (stocks, bonds, balanced, etc.).
I just finished researching supers and have picked one out for me. It is amazing to see the wide variety of supers on offer. You can also get your life insurance and disability insurance paid from your super. Fees and benefits vary a lot so it pays to look around and do your research.
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