Choice of superannuation fund for State Government employees
Choice of superannuation fund is soon to be introduced for State Government employees.
Currently, in nearly all cases, State Government employer super contributions have to be paid into GESB. Once choice is introduced, State Government employees will be able to choose another super fund or remain with GESB.
If they don’t make a choice, their employer contributions will continue to be made to GESB, because it’s the employer (or default) fund for State Government employees.
Who will have choice of super?
Choice of super will apply to current State Government employees who receive employer superannuation guarantee (SG) contributions to a West State Super or GESB Super account.
New employees of the State Government will also be offered their choice of fund.
Choice of super will not apply to contributions to Gold State Super or the Pension Scheme, as is the case for other State and Commonwealth defined benefit schemes. These schemes will continue to be regulated by the State and will not be affected by the changes.
When will choice be introduced?
To allow State Government employees and employers time to prepare for the changes, choice is proposed to begin from late 2009.
This period will give employees time to find out what choice of superannuation fund means to them, to gather information and make an informed decision about the fund that best suits their needs.
It also gives employers time to make the necessary system changes and implement processes to meet their choice of super obligations.
The State Government’s Choice of Super Education team is conducting an education program for both employees and employers ahead of the introduction of choice.
Further information is available on the Choice of Super website.
For further information please contact the Choice of Super Education team on:
Phone: 1300 131 204
Email: superchoice@commerce.wa.gov.au
Website: www.superchoice.wa.gov.au