What is MySuper?
MySuper is part of the Australian Government's Stronger Super reform. This initiative aims to make our national system more efficient and help members make the most of their retirement savings. In summary:
- All employers have a nominated super fund, or 'default fund' for those employees who don’t choose their own super fund (MySuper is the default product offered by a range of eligible super funds, including us)
- MySuper offers members low fees, simpler features and single or life stage investment options
- Members, employers and market analysts can now compare funds more easily
- MySuper is only offered for accumulation funds, like GESB Super and West State Super, and not for defined benefit funds, like Gold State Super
To learn more about MySuper, visit the Commonwealth Treasury MySuper webpage.
How does MySuper work?
All employers have a default fund where they make Superannuation Guarantee (SG) contribution payments for employees who don’t nominate their own super fund.
The only funds that can be listed as default funds and receive employer contributions need to be MySuper compliant schemes or schemes that are classified as an ‘Exempt Public Sector Superannuation Scheme’ (EPSSS).
Our accumulation schemes - GESB Super and West State Super - are the default funds for the WA public sector. These are both classified as an EPSSS and both meet the key requirements of MySuper. If you’re a new member joining GESB, you’ll automatically be invested in the My GESB Super plan. If you already have a West State Super account but haven’t chosen an investment plan, you’ll automatically be invested in the My West State Super plan.
Compare your options
In line with the Australian Prudential Regulation Authority (APRA) regulations, every MySuper product has a ‘product dashboard’. This dashboard shows:
- Information on returns for previous financial years
- A return target
- The level of investment risk
- Fees and other costs
- Read our super tips
- 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 21 November 2019.