Superannuation: Refers to the retirement benefit

Superannuation refers to the retirement benefit plan where employers contribute to a fund for employees, ensuring financial security post-retirement. Discover how Australian superannuation plans work, the differences between defined-benefit and accumulation funds, and their benefits for a secure retirement. The NPS and superannuation funds are alike in terms of the objective of providing retirement income but differ in structure and regulation. NPS is a voluntary, defined contribution retirement savings scheme available in a few countries-it offers investment choices and tax benefits. Superannuation funds are usually compulsory; they often provide both defined benefits and defined contributions plans, with certain regulatory requirements as well as employer contributions. Explore employer-based retirement benefits: understand superannuation types, exemption limits and tax advantages.