- GESB members with secondary nonGovernment employment, and postpublic sector employment will be soon be able to direct compulsory Super contributions to GESB accounts
- State Superannuation arrangements will allow GESB members to align with the Commonwealth’s Your Future, Your Super changes
- GESB is the default fund for most of the WA public sector and manages the super and retirement savings of around 245,000 current and former public sector workers
Changes to the State Superannuation Act introduced today will mean Western Australian public sector employees will be soon able to continue making compulsory super contributions to GESB Super accounts, even if they move to a non-Government role or have secondary private employment.
Currently, GESB members who leave the public sector or have dual public and private sector employment must open a super account with another fund, leading to duplicate accounts and fees.
The changes will come into effect later in 2024 and come in response to direct feedback received from members about remaining with GESB when they leave the public sector or take on secondary employment in the private sector.
The changes also bring WA’s State super arrangements into alignment with the Commonwealth’s Your Future, Your Super changes.
With around 245,000 members and over $36 billion in funds under management (as at 30 June 2023), GESB is the largest fund based in WA, and has been managing the super savings of current and former public sector employees for over 80 years.
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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 and their spouses.
“Giving our State’s public sector workers the option to keep all their superannuation with GESB will make it easier for them to manage their super and may help reduce the fees they pay.
“The proposed changes will greatly benefit GESB members by enabling them to stay with a super fund they know and trust.”
