Superannuation, sometimes called ‘super’, is a special way of saving to provide yourself with an income when you retire

While there are other ways of saving for retirement,superannuation saving is different because it is linked with youremployment.

Your employer may be required to make superannuationcontributions on your behalf to a special fund called a superannuation fund. These funds are special because if they meetcertain Government rules, they may pay less tax than if you were to put the money in a bank account. There are more tax benefits for you when you retire.

Or in other words

Simply it is a pension scheme,(where normal Pensions are not available). 15% basic salary is contributed by the employer to this scheme and most of the places LIC Group Insurance department manages these schemes.