Superannuation fund

You have posted that:

>>> "I contributed towards SA fund which is part of my CTC. The fund was managed by LIC as group SA scheme. There is no matching contribution from the employer."

Then how come it is Cost to Company (CTC)?

CTC in other words is annual pay package of the employee and all amounts mentioned in it are promised amounts.

>>> "my ex-employer HR replied that since I have not completed 5 years of service am not eligible to claim for transfer... my SA contributions are considered for yearly under tax deductions and accordingly TAX was deducted beyond 1.0 lakh amount."

In such case how can it be blocked?

>>> " left the organisation in 2014 and joined new employer in hyderabad who has similar scheme with LIC. "

In that case it might be possible.

>>> "As an employee I was not informed of any policy terms, but was told that I can transfer of my SA amounts to the new fund at the time of joining. "

Employer is under obligation to not just inform but provide copies all applicable rules and policies and anny change therein.

Don't remain entangled with HR.

Escalate to good offices of appointing authority,MD, Chairman and Board and exhaust the internal remedies.

YOUCONTACT TH E TOP BRASS  AND GET YOUR  own  voluntary Super annuation contribution Fund   transferred to the new organization which too has similar policy.Transferring SAF to your new organization account  is an  entrenched and vested right. If you appreciate this answer please click the thank you  button on this forum.

thanks for quick response Usha & Kumar..infact taking up issue with top Mgmt..

janardhan

For this you can approach directly to LIC requesting to transfer your own fund to some other company.Both Employers needs to give an instruction for your exit and joining resp.to LIC and It will be done by LIC P n GS unit .Same fund can be continued in any other organization as it is a Defined Contribution Scheme of LIC.

Check with LIC as well as suggsted by Ms. Shweta.