Government of WA

Choice of superannuation fund

Understanding the different super schemes

In most cases, if you work for the WA State Government, your employer superannuation contributions are currently paid into GESB.
 
Here are the main super schemes managed by GESB:

Accumulation schemes

  • West State Super
  • GESB Super
An accumulation scheme is a type of super where your account builds up over time, like when you add money to your bank account. Your account grows according to how much you contribute, the length of time your super is invested, the fees and costs deducted and the overall investment performance of your chosen Investment Plan.

Defined benefit schemes

  • Gold State Super
  • Pension Scheme
A defined benefit scheme is a type of super where your final super benefit is determined by applying a fixed or 'defined' formula, usually based on your length of service, your contributions and your final salary. Members of this type of scheme are not able to choose an Investment Plan, because the benefit is defined and doesn't depend on investment returns.

Choice of fund doesn't apply to contributions to defined benefit schemes. However, contributing members of Gold State Super will be able to elect to withdraw from the scheme and direct their employer to make future SG contributions to any complying fund.

You cannot access or roll over your preserved benefit with Gold State Super until you reach preservation age (currently 55 years) and no longer work for the State Government.

This restricted access is typical of defined benefit schemes, and will not change with the introduction of choice. You will only be able to choose which fund your future SG contributions will go to. Your future contributions won't impact your existing Gold State Super benefit, which will be preserved until you reach preservation age.
 
You should seek professional financial advice relevant to your personal circumstances before making a decision to change your super fund.