Choice of Super
Your super, your choice
If you’re like most WA public sector employees, you currently have your 9.5% employer super contributions automatically paid into the super account you hold with us.
In 2012, the WA State Government introduced an initiative known as Choice of Super, which means you can choose another fund for these contributions. At GESB, we support this initiative and encourage you to learn as much as you can about your super. This will help you make the right choice for your situation and retirement goals.
Stay with us or choose another fund
If your employer contributions are being paid into your West State Super or GESB Super account, you can:
- Continue to have your contributions paid to us
You don’t need to do anything and your contributions will continue as usual.
- Choose another fund
First, make sure that you understand what will happen after you change funds, especially if your account is a West State Super or Gold State Super account. You’ll then need to complete the standard choice form and provide a copy to your employer. You’ll need evidence that it is the right kind of fund and will accept contributions.
Gold State Super members
If you have a Gold State Super account, you would need to withdraw permanently to have your 9.5% employer contributions paid to another fund. Before withdrawing from Gold State Super, we recommend you read the Gold State Super essentials brochure and fact sheets, contact us and seek independent financial advice. This is a unique type of super account and you can’t re-join if you change your mind after permanently withdrawing from Gold State Super.
Factors to consider when choosing a super fund
Australia's financial industry regulator, the Australian Securities and Investments Commission (ASIC), provides key features to look for in a super fund. They recommend you ask about the following elements for any super fund you consider:
- Fees and charges - and how these are paid
- Whether insurance cover is included
- Your investment options and strategies
- The fund’s track record and any extra services
As one of our members, you can enjoy below-median fees1, convenient insurance cover, a choice of investment plans and much more.
Make the most of our tools, services and expertise
If you'd like to learn more and make informed decisions about how to manage your super and retirement savings, we can help. As a GESB member, you have access to:
- Tools including calculators, seminars and webinars
- Member Online, a secure way to manage your account
- Our Perth-based Member Services Centre
- Our pay-for-service Simple Advice and Retirement Options Service
We're the largest WA-based super provider with over $25 billion in funds under management (as at 31 August 2017) for current and former WA public sector employees. We’ve been supporting members for over 75 years, offering super and retirement products, access to insurance as well as financial information and educational resources.
It's important to understand the consequences of changing your super
Before you decide to change your super fund, you need to understand the unique benefits available to West State Super and Gold State Super members – and the consequences, including the tax implications, of changing your account.
If you decide to transfer your super to another fund, your decision may be irreversible. Please read:
- Choosing the best option for your super - if you’re a West State Super member
- Choosing the best option for your super - if you’re a Gold State Super member
We strongly recommend you seek financial advice to suit your personal circumstances before making a decision.
1 SuperRatings Smart database as at 31 December 2017. Based on an average balance of $50,000, GESB Super and West State Super's fees are below the industry median.The Association of Super Funds of Australia (ASFA), Retirement Standard, March quarter 2018.
- Find answers to some frequently asked questions
- Call us on 13 43 72
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 27 May 2018.