We’ve removed our transaction fees
20 December 2018
While you’re building your super, the more money that stays in your account, the more your savings can grow. If you’re a GESB Super, West State Super, Transition to Retirement Pension, RI Allocated Pension or Term Allocated Pension1 member, we have great news. The transaction fees for your account have been removed, effective 15 December 2018.
If you’re a Gold State Super or WA Public Sector Pension Scheme member, you’re not charged any fees or other running costs for your account - and this hasn’t changed.
These services and activities now have no transaction fees
While we’ve removed our transaction fees, we still provide these services in the same way as before. Now, we’ll cover the costs of providing them to you, instead of charging a fee.
Transaction fees used to apply for:
- Full or partial withdrawals from your GESB Super, West State Super or Retirement Income Pension account
- Family Law payments from or closure of your RI Term Allocated Pension account
- Transferring your benefit to another product or fund
- Contribution splitting (when you share some of your contributions to your GESB Super or West State Super account with your spouse)
- Processing an Australian Taxation Office (ATO) release authority2
From now on, you won’t be charged a fee for these services.
If you’re a Retirement Income Pension member, you’ll still receive regular income payments without being charged an exit fee. Now, you can also make lump-sum withdrawals or roll over to another fund without being charged this fee.
When you use these services, you won’t be charged a fee
Here’s a summary of the transaction fees that previously applied to your account and how they were charged.
| Type of fee or cost | Fee for the 2018/19 financial year before 15 December 2018 | How this fee used to work | Changes effective 15 December 2018 |
|---|---|---|---|
Exit fee - full or partial withdrawals | $52 | This fee used to be deducted from your account for:
| This fee has been removed |
Activity fee - Family Law fee | $52 | This fee used to be deducted from your account when your GESB Super, West State Super, Retirement Income Pension or RI Term Allocated Pension benefit was split or paid in full to your spouse. | This fee has been removed |
Establishment fee - Retirement Income Pension | $52 | This fee used to be deducted from each new Retirement Income Pension account, once the new account was created. | This fee has been removed |
Note: other fees and costs apply. For more information, see the relevant Product Information Booklet.
Any service fee charged to you during the 2018/19 financial year will still appear in your June 2019 member statement and transaction history in Member Online.
Learn more about fees and costs
- You can use our Retirement planning calculator to help you work out the effect of fees and costs on your retirement savings.
- Visit the pages below for a guide on the fees and costs for your account:
- For a full summary of our fees and costs, download the relevant Product Information Booklet. From 1 October 2019, your Product Information Booklet will be updated to reflect the removal of our transaction fees.
1 RI Term Allocated Pension is a retirement income product that was closed to new members in 2007.
2 A release authority is a document given by the ATO to an individual or their super fund, which authorises the super fund to refund excess contributions or pay additional tax associated with excess contributions you have made to a super fund. Please visit ato.gov.au for more information.
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 25 April 2024.