GESB Super

GESB Super investment options

We invest your super across a range of different asset classes to give you the best chance to grow your super. You can have your super automatically invested in the My GESB Super plan, or you can choose your investment plan. This means you can:

• Choose the asset classes your super is invested in, from Shares to Cash investments
• Choose how much of your super is allocated between the asset classes
• Change your investment plan to suit your retirement savings goals

Your super might be one of the biggest investments you’ll ever make. The investment plan you choose now can make a difference to the amount of income you’ll have when you retire. You might want to speak with a financial adviser before making a decision about your investment plan.

Different assets can create different returns

GESB Super offers you a choice of investment plans. These plans invest in different assets, with the returns linked to the performance of the financial markets.

You can invest in a range of different asset class allocations through our Readymade plans or create your own combination of specific asset classes with Mix Your plan.

You can choose a Readymade plan

There are six Readymade plans with different levels of risk and return expectations.

GESB Super Readymade plans risk levels

For more details, please see investment options - GESB Super.

You can choose to Mix Your plan

There are five Mix Your plan options which allow you to select your own mix of asset classes. Find out more about how Mix Your plan works.

GESB Super Mix Your plans risk levels

For more details, please see investment options - GESB Super.

Find out more about choosing the right investment mix for you.

1 SuperRatings Smart database as at 31 December 2023. Based on an average balance of $50,000, fees for the My West State Super plan, the My GESB Super plan and the RI Allocated Pension Balanced plan are below the industry median. Fees includes administration, investment, and transaction fees and costs. Fees may change periodically.
2 Mix Your plan Fixed Interest invests in Investment Grade Bonds. These are bonds with a credit quality which is considered to have a relatively low level of default risk by an independent bond-rating agency.

GESB Super insurance

As a GESB Super member, you may already have insurance through your super.

We offer three types of insurance with your GESB Super account:

• Death
• Total and Permanent Disablement (TPD)
• Salary Continuance Insurance (SCI)

Are you eligible to join our Professional and Executive category?

If you're eligible for our Professional and Executive category, you might benefit by paying lower premiums for your insurance.

Find out if you’re eligible and how to apply for our Professional and Executive category.

Your account may include basic insurance cover

If you’re eligible, you’ll automatically receive what’s known as basic cover, unless you have chosen to opt out or have cancelled your cover. The cost of this insurance is deducted directly from your GESB Super account each month.

Generally, to be eligible for automatic cover you need to be:

• Working in the WA public sector
• Receiving Superannuation Guarantee (SG) contributions from your employer, and
• Younger than 65

You don’t automatically receive insurance if you’re a casual

If you’re a casual employee, you may be eligible to opt in or apply for cover. Learn more about our insurance options for casual employees.

If you were initially employed on a casual basis and are later made permanent or employed on a contract (not as a casual) with the same employer, we may provide you with Special Conditions Cover, subject to certain eligibility rules, from a date determined by GESB and our Insurer, AIA Australia.

Learn more about Special Conditions Cover in our Insurance and your super brochure.

Types of insurance cover

When you turn 46, the amount you are insured for Death and TPD will decrease each year unless you fix your cover.

Remember to check your insurance

It's important to review your insurance regularly to make sure it’s right for you, especially when your circumstances change.

With insurance through GESB Super, you have the option to:

• Increase, decrease or fix your cover 
  You can apply to increase or choose to decrease or fix the amount of your cover, at any time, through Member Online.

  Find out how to change your insurance or make a claim.

• Opt out of your cover
  You can opt out of part or all of your cover in Member Online. Please remember that if you’d like to reinstate or increase your insurance cover in the future, you’ll need to apply and meet eligibility criteria.

1 SuperRatings Smart database as at 31 December 2023. Based on an average balance of $50,000, fees for the My West State Super plan, the My GESB Super plan and the RI Allocated Pension Balanced plan are below the industry median. Fees includes administration, investment, and transaction fees and costs. Fees may change periodically.

GESB Super fees and other costs

Below is a general guide to the fees and costs for your GESB Super account. Other fees, such as fees for personal advice and insurance fees, might be charged, depending on the advice or insurance you choose. Entry fees and exit fees will not be charged.

If you’d like to calculate the effect of fees and costs on your GESB Super account, try ASIC’s MoneySmart superannuation calculator.

GESB Super fees and costs summary

For more information on the types of fees and costs that may apply to your account, see our GESB Super schedule of fees.

We may make changes to the fees we charge

From time to time, we might need to change our fees to make sure the structure and level of fees is appropriate, including any extra costs from government taxes or statutory charges.

We’ll always let you know about any changes through our website or through your member statement. If the change is an increase in fees or charges, we’ll give you at least 30 days’ notice.

1 If your account balance is less than $6,000 at the end of the financial year, certain fees and costs charged to you in relation to administration and investment are capped at 3% of the account balance. Any amount charged in excess of that cap must be refunded.
2 Investment fees and costs include an amount of 0.00% p.a. to 0.06% p.a. for performance fees. The calculation basis for this amount is set out under the ‘Additional explanation of fees and costs’ section on page 5 of the GESB Super Product Information Booklet. Please note, the transaction costs percentage is also included in the investment fees and costs percentage shown in the table.
3 Please see ‘Additional explanation of fees and costs’ section on page 5 of the GESB Super Product Information Booklet, which provides further detail about the items included in transaction costs.

GESB Super and tax

GESB Super is a taxed scheme.

This means that like most other Australian super funds, tax is deducted from certain types of contributions (known as concessional or before-tax contributions) and from investment earnings, while your money is accumulating (or ‘building up’ over time).

Tax applies in different ways to different types of contributions

While the Commonwealth government provides special tax rates to help you use your super to save for retirement, there are some limits, known as caps. Here’s a guide to how tax applies to your GESB Super contributions.

GESB Super tax treatment

Tax also applies to investment earnings

Taxed schemes, like GESB Super, need to pay tax on any money your super earns while it’s invested. The tax will generally be applied at a maximum rate of 15% and will be reflected in the unit price of each investment plan for GESB Super.

Factor tax into your retirement planning

If you’re planning for your retirement and considering taking your super out as a lump sum or transferring it into an allocated pension, such as our RI Allocated Pension, you need to be aware of the tax that applies in those scenarios. Find out more about which tax applies on benefits.

Do we have your tax file number?

If you don’t provide us with your tax file number (TFN), you might need to pay more tax on your super than is necessary and we may not be able to accept some of your contributions. This will also affect your eligibility for the Super Co-contribution.

You can lodge your TFN using Member Online, by completing a Tax file number form or by calling your Member Services Centre on 13 43 72.

1 SuperRatings Smart database as at 31 December 2023. Based on an average balance of $50,000, fees for the My West State Super plan, the My GESB Super plan and the RI Allocated Pension Balanced plan are below the industry median. Fees includes administration, investment, and transaction fees and costs. Fees may change periodically.
2 Contributions caps are applied per person, not per fund, which means contributions made to other funds are generally included in the caps.
3 For the 2023/24 financial year. The concessional contributions cap is indexed annually in line with Average Weekly Ordinary Time Earnings in increments of $2,500 rounded down.
4 For the 2023/24 financial year, indexed annually. This cap is equal to four times the general concessional contributions cap (which is currently $27,500).
5 The amount available under the bring-forward rule depends on your total super balance as at 30 June in the previous financial year. Where the bring-forward rule has been triggered, the future years' entitlements are not indexed and the contributions must be made before you turn 75 or within the 28 days following the end of the month in which you turn 75 years old. For more information, please read the Contributing to your super brochure.

Important documents

To make the most of your retirement savings, it’s worth learning as much as you can about your GESB Super account including the tax considerations, insurance and investment plans available.