Gold State Super

How to work out your Gold State Super benefit

You can use our Gold State Super calculator below to work out how much you could have in your Gold State Super account by the time you retire.

By using the calculator, you could explore your options and get answers to questions you might have, such as:

• ‘What if I work another four years?’
• ‘How will my balance change if I get a pay rise?’
• ‘How much will I have if I start working part time?’

Your latest member statement has all the information you need to use the calculator. You can log into or register for Member Online for a copy of your latest statement.

Please note, this calculator is intended as a guide only. It does not take into account ‘other benefit components’ that may form part of your benefit, such as transferred service from the WA Public Sector Pension Scheme or the Non-contributory Service Scheme. For a full benefit estimate, contact your Member Services Centre on 13 43 72.

How we work out your Gold State Super

We use a formula to work out your final super benefit. This generally happens when you retire, leave the WA public sector or you pass away.

The formula takes into account:

• Your Completed Months of Service - the number of completed months you’ve contributed to your account while working in the WA public sector
• Your Average Contribution Rate - the average percentage of your salary you’ve paid into your account over your membership
• Your Final Remuneration - your average salary based on three dates during the last two years of your membership

Once we have this information, we can work out your benefit in three steps:

1. We determine your ‘Selection Date’

Your selection date is either the 1st or 16th day of the month, two months before the month of your birthday:

• If your birthday falls on one of the first 15 days of the month, your selection date is the 1st
• If your birthday falls in the second half of the month, your selection date is the 16th

For example, if your birthday is on 25 August, then your selection date will be 16 June. If your birthday is 8 August, your selection date will be 1 June instead.

2. We calculate your Final Remuneration

Your Final Remuneration is your average salary based on:

• The date you stop working
• Your Selection Dates for the previous two years

We multiply your fortnightly remuneration² on these dates by the number of days between each date and then divide this by 14 (the number of days in a fortnight).

3. We calculate your Final Benefit

We use your Completed Months of Service and Average Contribution Rate to work out your ‘Service Multiple’:

Finally, we multiply your Service Multiple by your Final Remuneration to work out your benefit:

For examples of how we work out benefits, see our Gold State Super essentials brochure.

Changes to your salary or service could affect your benefit

You might not know it but any changes to your salary or the amount of time you work in the WA public sector could have a big impact on your benefit.

For example, if you accept a lower-paid position with your current employer as a result of ill health or changes in your workplace, your benefit could be reduced. However, you can protect your benefit if you’re eligible for salary maintenance.

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

• What is included in Gold State Super remuneration?
• What is salary maintenance and how does it work?
• How working part-time affects your Gold State Super
• How unpaid leave affects your Gold State Super
• Resigning from the WA public sector
• Redundancy and your super

Call us before changing your contributions

Your benefit could also be affected if you change the amount you contribute to your account each fortnight.

You may even choose to have your contributions paid into another super account. If you do withdraw from Gold State Super, you won’t be able to reopen your membership or contribute to your account in future.

Before you decide to make any changes, it’s worth calling your Member Services Centre on 13 43 72 and asking for a benefit estimate.

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 Your Final Remuneration is calculated based on your equivalent full-time salary, even if you are working part-time.

Gold State Super insurance

Your Gold State Super account includes automatic death and disability insurance, at no extra cost, for as long as you’re making contributions, and until you turn 60.

Here’s a summary of the insurance benefits provided with your Gold State Super account.

Types of insurance cover

For more information and examples to help you work out your insurance benefit, read the Insurance and your super, Gold State Super fact sheet.

Your insurance provides different types of cover

The type or ‘level’ of cover you have is based on the results of the medical test you completed when you joined Gold State Super.

If you’re not sure what level of cover you currently have, log into Member Online or check your latest member statement. You might have:

• Standard Cover
  If the results of your medical test were satisfactory, you have maximum cover, known as ‘Standard Cover’.  
  If you pass away or become permanently disabled while you’re a member, your insured benefit is equal to the benefit you would have received if you had continued contributing until age 60.
• Limited Cover
  If your medical test showed medical conditions that increased your risk of retiring before age 60, you have ‘Minimum Cover’ for those conditions.
  However, if your death or permanent disability is not caused by the conditions that have limited cover, you are entitled to Standard Cover.
• Minimum Cover
  If you chose not to complete a medical test, then you have ‘Minimum Cover’. This is based on the Commonwealth Government’s Superannuation Guarantee (SG).
  If you pass away or retire as a result of permanent disablement, your insured benefit is equal to the benefit you would have received if you had continued contributing at the rate of the SG until age 60.

You might be able to increase your cover

If you have Limited Cover, you can ask us to review your cover if your medical condition has improved.

If you would like to increase your Minimum Cover to Standard Cover, you’ll need to cover the cost of a medical test so we can assess whether you can change your cover.

For more information, please call your Member Services Centre on 13 43 72.

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.

Gold State Super fees and other costs

Unlike most other super schemes, including our own GESB Super and West State Super, you’re not charged any fees or other running costs for your Gold State Super account.

You also receive automatic death and disability insurance through your super until you turn 60, at no extra cost.

This means that all contributions made to your Gold State Super account will help to grow your benefit.

A fee applies for our Retirement Options Service

If you choose to make an appointment for our Retirement Options Service, a fee applies. You can pay this directly or ask for the fee to be deducted from your GESB Super, West State Super or Retirement Income Pension account.

Find out more about our Retirement Options Service.

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.

This means that fees may apply for your Gold State Super account in the future.

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

For more information on the types of fees and costs that may apply to your account, refer to the Gold State Super essentials brochure.

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.

Gold State Super and tax

Gold State Super is an untaxed scheme.

Unlike most other Australian super funds, Gold State Super doesn’t pay tax on any contributions or investment earnings. You will only be taxed when you access the money in your account. Untaxed does not mean ‘no tax’, so it can be useful to think of it as deferred tax.

For a breakdown of your tax components i.e. taxed vs untaxed, call your Member Services Centre on 13 43 72 or use our Live chat and ask for a ‘benefit estimate’.

There’s a limit to super tax concessions

While the Commonwealth Government provides concessional tax rates (tax concessions) to help you use your super to save for retirement, there are some limits, known as caps.

Employer contributions (including salary sacrifice) to your Gold State Super account aren’t capped, however they do count towards your concessional (before-tax) contributions cap for contributions to a taxed scheme such as GESB Super.

With Gold State Super, there’s an untaxed plan cap of $1.705 million² per super fund, which applies to the untaxed element of your benefit. This is the amount that can be paid as a lump sum or transferred to a taxed fund and still be subject to tax concessions.

Different tax rates apply in different situations

When you can access your Gold State Super benefit, a different rate of tax applies depending on:

• How your benefit is paid
• Your age, in particular your Gold State Super preservation age if you are under 60
• What makes up your benefit - tax applies to the taxable component - untaxed element but it does not apply to the tax-free component

Here’s a summary of how tax applies to the untaxed element of your super benefit.

Option 1. You take your benefit as cash (known as a ‘lump sum’)

Option 2. You roll over part or all of your benefit to a taxed super fund
You will be taxed on the untaxed element by the new fund at a rate of 15% when it is received.

However, if you go over your untaxed plan cap, ($1.705 million² per super fund) then we will deduct 47% tax from the excess before rolling over your money.

Option 3. You transfer your super to an account that gives you a regular retirement income 
Tax will be deducted from the untaxed element at a rate of 15% upon transfer.

However, if you go over your untaxed plan cap ($1.705 million² per super fund) then we will deduct 47% tax on the excess before completing the transfer.

Gold State Super is a scheme unlike most other super funds. If you would like to discuss your options, you might like to consider our Retirement Options Service for information tailored to your situation.

Extra tax applies if you access your benefit too early

Your benefit is taxed according to your age, in particular your Commonwealth preservation age which is different to the age at which you can access your benefit. Find out more in when can I get my super.

Did you work for the WA public sector before 1 July 1983?

If you worked for the WA public sector before 1 July 1983, part of your benefit might be tax-free if you take it as a lump sum or roll it over to a taxed fund. For more information, visit the pre-1 July 1983 service and tax page.

Do we have your tax file number?

If you don’t provide us with your tax file number (TFN), you might 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.

Do you earn more than $250,000 a year?

From the 2012/13 financial year, if your annual income plus low tax super contributions are more than $250,000 a year, you will pay an extra 15% tax on any low tax contributions over $250,000. For more information, visit the Division 293 tax page.

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 For the 2023/24 financial year, indexed annually in line with Average Weekly Ordinary Time Earnings, in increments of $5,000 rounded down. The untaxed plan cap applies for each untaxed scheme you are a member of.

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.

Important documents

To make the most of opportunities to save for your retirement, it’s worth learning as much as you can about your Gold State Super, including its unique features and the tax considerations.