What is Superannuation? | Company Pension Plan | Intelligent Finance Guide

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Superannuation is a retirement benefit offered to employees by their employers. It is also referred to as a company pension plan. The employer contributes to a superannuation benefit for or on behalf of employees towards the group superannuation policy held by them. Organizations either manage superannuation funds through their own trusts or open a superannuation benefit fund with any of the approved insurance companies. Employees may also voluntarily contribute an additional amount to the fund in case of defined contribution plans. At the time of retirement, the employee can withdraw up to 1/3rd of the accumulated benefit and convert the balance into a regular pension. Superannuation can be transferred to a new employer, and in case the new employer does not support the scheme, the employee may either withdraw the amount or avail it as pension as discussed above. While superannuation also provides income tax benefits, such benefits are restricted to an approved superannuation fund as per the rules set out in the IT Act.