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How does a superannuation fund work?

By IndianMoney , 1 year ago

You (employee) contribute towards group superannuation scheme. Employer may contribute fixed contribution of 15% of employees basic pay. This is part of Cost To Company. On retirement the employee withdraws 1/3rd of accumulated benefit. The remaining amount is converted to a regular pension.Its stored in an annuity fund for regular annuity payouts at intervals.

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