- State Superannuation Amendment Bill 2023has passed WA Parliament
- Changes allow GESB members who have secondary work outside the government sector to direct compulsory super contributions to their GESB account
- GESB is the default super fund for most of the WA public sector, managing super and retirement savings of around 250,000 current and former public sector workers
Changes to the State Superannuation Act 2000 have now passed both Houses of Western Australian Parliament, benefiting the 250,000 current and former public sector workers who have superannuation accounts with GESB.
Under the new legislation, existing GESB members will be able to keep their superannuation with GESB if they leave the public sector or start a second job with a non-government employer.
The changes will make it easier for workers to manage their superannuation, reducing the need to have accounts with multiple super funds and help minimise any fees they pay.
Previously, GESB members who left the public sector or had dual-government and non-government employment had to open a super account with another fund, leading to unnecessary duplications.
With around 250,000 members and over $40 billion in funds under management, GESB is the largest fund based in WA, and has been managing the super savings of current and former public sector employees for 85 years.
For more information visit www.gesb.wa.gov.au/stay-with-GESB .
As stated by Treasurer Rita Saffioti:
“GESB has a long history of managing the super and retirement savings of current and former WA public sector employees.
“These commonsense changes will ultimately result in more flexibility and choice for public sector workers, helping to reduce unnecessary duplication of accounts and fees if they leave the public sector or take on secondary employment outside the government.
“Superannuation is fundamental in helping to set up our workforce for retirement, and it’s important we continue to do what we can to support our public sector workers to help them save for this stage of life.”
