Probably you are referring to employment in a private company and SAF scheme of the company.

If the company has been earning an interest for the captioned period or if funds kept in your superannuation a/c has accrued any interest or if the Financial Institution managing the Superannuation fund has disbursed any interest/returns on the funds the company should ideally pay you the interest.

You may submit an appeal to the good offices of the company/personnel in the trust/body to manage the fund and proceed further depending upon the reply of the company.

If you know the LIC/Bank/FI branch which has been managing your company’s Superannuation the concerned official can help you. Usually such establishments are under purview of RTI thus you may be able to get the information thru RTI route.

Much may depend upon the T&C/provisions of the deed/agreement/T&C finalized with FI.

The superannuation policy of the company might be as per its standing orders and in addition to statutory provisions of Gratuity.

Payment of Gratuity Act, 1972

Section: 2
Definitions.

[8] [(r) "superannuation", in relation to an employee, means the attainment by the employee of such age as is fixed in the contract or conditions of service at the age on the attainment of which the employee shall vacate the employment;]

Section: 4
Payment of gratuity.

(5) Nothing in this section shall affect the right of an employee to receive better terms of gratuity under any award or agreement or contract with the employer.

It is voluntary scheme for a company to offer Superannuation to you/its employees (or select employees).

You may look into the original terms & conditions of your appointment letter, all circulars, corrigendum’s, emails, change/addition/amendments to terms and conditions of employment, and standing orders of the company, and Original Superannuation policy of the company and all amendments passed in this policy and standing orders pertaining to this policy. If superannuation is mentioned in standing orders applicable to your designation, appointment letter you have the right to get the benefits.

The company (ies) offer it looking at long term goals e.g. retention policy, Income Tax benefits/relief/rebate it gets on contributions to this fund. The contributions are non taxable.

Superannuation is a kind of pension scheme/retirement fund, framed/formed by company (Trust formed by the company to manage it) and Financial Institution ( e.g. bank/LIC…etc) entrusted to manage the fund. The trust deed between both the company and FI should have elaborated rules to manage the fund. Much shall depend upon the T&C/provisions of the deed/agreement/T&C finalized with FI.

The company pays to the tune of 15% of the wages of the employee (Employee does not contribute) and the FI invests in the investment tools as per the agreed investment pattern e.g. securities and interest/returns is credited in member’s a/c which may be as per ROI in PF.

However the financial institution managing the funds e.g. LIC may have different slabs for different size of the funds which may vary every year. The FI may offer even better rate if both Gratuity and Superannuation id managed by it.

The rules might entitle/allow the employee to withdraw the funds held in a/c of employee (contribution by employer+ interest) at the time of separation or superannuation age as defined in standing orders of the company.

The rules might prescribe that employee can withdraw 25% on attaining age of retirement (or 33%) and balance may remain in his a/c as tax free to buy annuity policy for payment of annuity on monthly/qtly/Half yrly/annual annuity. The annuity so paid may be taxable.

Upon resignation employee might be allowed to transfer funds to new employer and if new employer does not have Superannuation employee might be allowed to withdraw funds ( as taxable after tax treatment ) and after the approval IT authority or to retain the amount in Superannuation a/c till attaining age of retirement.

Has the company circulated any communication on provision on superannuation policy for its employees and has it ever supplied printed version of superannuation policy?

You may apply for the copy from company. Also you may use your resources in the company and obtain it with the help of colleagues. If your company has employee’s union/IC/Guild/ works committee/negotiation committee/Grievance redressal committee it may have copy, rules, circulars and can supply you.

Let us assume that FI managing the fund is LIC then it might be possible to check your return on line as well.

You shall need to obtain the Group Superannuation Policy number from Payroll/HR dept., and LIC Id number issued by LIC and then may get access to the policy enrolled and view the details containing the accumulated balance till the last financial year and contribution made by your employer in the current financial year.

https://www.licindia.in/group_schemes_004.htm

( Attached)

You may find the attachments useful.

Valuable advice of learned experts/members is sought.

Kindly update the thread and keep on posting.

This shall help many of the fellow citizens/countryment who visit the forum.