Your Gold State Super deferred benefits

If you stop contributing to your Gold State Super account permanently, you’ll have what’s known as a ‘deferred’ benefit. This means your money stays in your account until you access it, once you’re eligible.

If you’re under 55 and you:

• Resign from the WA public sector or reduce your work hours to less than one hour a week
• Accept voluntary severance or you are made redundant from the WA public sector
• Withdraw from Gold State Super (choose to stop contributing to your account)

Then payment of your benefit is deferred.

What makes up your deferred benefit?

Your Gold State Super deferred benefit may be made up of:

• Contributory Service Benefit - your Gold State Super benefit including your personal and employer contributions
• Non-contributory Service Benefit (previously called productivity service) - your past service in the Non-contributory Service Scheme which was transferred to Gold State Super when the scheme closed
• Transferred Service Benefit - your past service benefit in the WA Public Sector Pension Scheme which was transferred to Gold State Super
• Transferred Contributions and Interest - your contributions previously transferred from the WA Public Sector Pension Scheme, plus interest

What happens to your deferred benefit?

Your benefit is indexed annually at rates aligned to the Perth Consumer Price Index (Perth CPI).

Perth CPI rates are calculated in accordance with the State Superannuation Regulations 2001. These are shown below.

A different indexation rate applies for each type of deferred benefit you have:

• Contributory Service Benefits, Non-Contributory Service Benefits, and Transferred Service Benefits are indexed at Perth CPI plus 1% p.a. until you turn 55, and accrue interest at Perth CPI plus 2% p.a. after you turn 55
• Transferred Contributions and Interest accrue interest at Perth CPI plus 2% p.a.
• Benefits from other funds, including Surplus Benefits, accrue interest at Perth CPI plus 2% p.a.

Your deferred benefit is indexed/accrues interest daily. Indexation/interest is capitalised annually on 30 June.

What happens to your Gold State Super insurance?

When your Gold State Super membership is deferred, you’ll no longer have Death & Total and Permanent Disability insurance cover. You can choose to replace your insurance by making arrangements with another provider.

When can you access your deferred benefit?

If you’re like most Gold State Super members, you can access your benefit once you turn 55, and you are no longer employed in the WA public sector. Or, if you are still working, you are working less than 10 hours per week in your public sector position, or you’re about to start a Transition to Retirement Pension. The same rules generally apply for preserved benefits.

In certain situations, you may be able to access your preserved benefit earlier:

• If you were previously a member of the WA Public Sector Pension Scheme, your Transferred Contributions and Interest can be paid to you when you stop working for the WA public sector²
• If you accept voluntary severance or you’re made redundant from the WA public sector, you can have your benefit rolled over. If you do this before you turn 55, a discount factor will apply to the Contributory Service Component of your benefit³

If you access your benefit before you reach your Commonwealth preservation age, you might need to pay a higher rate of tax. The preservation age is higher than the age at which you can access your Gold State Super benefit.

Your deferred benefit can remain in the deferred state until you access it, or you pass away.

For more information about deferred benefits, read our Withdrawing as a contributing member fact sheet.

For more information, see the pages below or call your Member Services Centre on 13 43 72.

• Gold State Super and tax
• When you can access your super
• Transition to retirement with Gold State Super

1 If you stop working in the WA public sector or reduce your work hours to less than one hour a week, you will no longer be an active Gold State Super member. However, if you re-join the WA public sector or increase your work hours within 12 months, you may apply to continue your membership.
2 Important: if you are under 55 and transferred from the WA Public Sector Pension Scheme, you can elect to receive the Transferred Contributions and Interest component of your benefit once you stop working in the WA public sector. There are tax implications if you choose to receive the Transferred Contributions and Interest component of your benefit as cash before you have reached your Gold State Super preservation age. Please note that the tax treatment of your benefit is impacted by your age, in particular your Gold State Super preservation age if you are under 60. All other funds must be preserved in Gold State Super until you reach 55 years of age. Under some circumstances, withdrawing the Transferred Contributions and Interest component of your benefit will result in your Transferred Service Benefit being forfeited. Please refer to the Gold State Super essentials brochure or contact your Member Services Centre on 13 43 72 for more information.
3 If you have your benefit rolled over before you turn 55, the Contributory Service component of your benefit is subject to a discount factor of 1.75% p.a. for every year you’re under 55. For more information, call your Member Services Centre on 13 43 72.