Choice of super was introduced on 30 March 2012 for all WA public sector employees. This means you can choose which complying super fund your employer's super contributions are paid into, or you can do nothing and continue to have your employer contributions paid into your GESB account.

GESB's super schemes are unique and it's important you understand the implications of stopping employer contributions into your current scheme and what opportunities will no longer be available to you.

• West State Super
• Gold State Super
• GESB Super

West State Super

If you are thinking about stopping your employer contributions into West State Super or rolling over your account balance to another super fund, it's important to understand the implications and what unique opportunities will no longer be available to you such as:

• Bringing forward payment of tax. West State Super is an untaxed scheme and if you roll over your benefit to a taxed super fund you will be taxed on the taxable component - untaxed element by the other fund at a rate of 15% when it is received. So immediately, you'll have up to 15% less invested in super and earning investment returns.
• Limits on before-tax (concessional) contributions. Generally individuals can only contribute $25,000^* of concessional contributions per financial year into super and still be subject to concessional tax treatment. With West State Super, you can contribute more into super each year because concessional contributions made to your West State Super account are not counted towards your concessional contribution cap. In West State Super you can accumulate an untaxed benefit of up to $1.255 million^# and still be concessionally taxed.
• You can't change your mind. West State Super is closed to new members. If you choose to close your account you will not be able to rejoin the scheme in the future.

Ultimately, these unique benefits can lead to you retiring with more money. For more information on the advantages of West State Super, read the Understanding West State Super fact sheet.

If you are considering stopping your employer contributions or rolling over your West State Super account into another super fund, it's strongly recommended that you call your Member Services Centre on 13 43 72 to make sure you're aware of the impact your choice has on your account.

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* For the 2012/13 financial year
^# Untaxed plan cap per super fund for the 2012/13 financial year, indexed annually for future years.

Gold State Super

As a defined benefit fund, your final Gold State Super benefit is determined by applying a fixed, or 'defined', formula. The key variables that impact your retirement benefit are your salary, years of service and your average contribution rate. Gold State Super is not market-linked, and so is not impacted by the performance of investment markets.

If you are a contributing member of Gold State Super you will need to withdraw from the scheme before you can direct your employer to make future Superannuation Guarantee contributions to a complying fund. At the time of withdrawing from Gold State Super, your benefit will be calculated and preserved in the fund until you meet a condition of release. If you are under 55 or still working in the public sector, you can not roll your Gold State Super over to another super fund. It is preserved at GESB until you are at least 55 and no longer working in the WA public sector.

During this period, your final benefit will accumulate interest in accordance with the State Superannuation Regulations at the rate of Perth Consumer Price Index (Perth CPI) plus 1% pa until age 55, and then indexed annually at Perth CPI plus 2% pa.

Withdrawing from the scheme could result in a significantly reduced benefit in retirement because your salary and years of service, key variables used to calculate your final benefit, may be lower now, than they would be when you retire.

The fund you open to receive your future employer contributions will be subject to fees and your benefit will be exposed to movements in investment markets. You will also be charged premiums for any insurance cover that you have.

If you withdraw from Gold State Super you can't contribute to it in the future. Your decision is irreversible.

Be sure you are clear on how you will benefit from moving to a different super fund and what the consequences are of withdrawing from Gold State Super. The Gold State Super essentials brochure contains detailed information, or you can contact your Member Services Centre on 13 43 72 for more information.

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GESB Super

GESB Super is a taxed scheme that offers automatic insurance cover for eligible members, low fees and sound long-term investment returns.

If you choose to stop employer contributions or roll over your GESB Super account to another fund, make sure your new fund offers you the same great benefits such as:

• Choice of investment plans. We provide members with a choice of investment plans, from growth to conservative, each targeting a different level of risk and return. This allows you to choose the best mix of assets to suit your investment goals and risk tolerance.
• Comprehensive and competitively priced death and disablement insurance through our Insurer. No medical or personal history is required for automatic cover, which starts when we receive your first WA public sector employer super contribution. Even people in hazardous occupations, often not insured by other super funds, get this automatic cover with GESB. What's more, we offer you the flexibility to tailor your cover to suit your personal circumstances.
• Educational tools. At GESB, we offer a range of educational tools to help you better understand how to make the most of your super, including our award-winning free seminars and webinars;¹ and our online calculators. And if you need to talk to someone about your super, a consultant from our multi-award winning² Member Services Centre is only a phone call away.
• Low fees. GESB's fees are among the lowest in the industry. In fact, based on an average account balance of $50,000, GESB's fees are almost 40% lower than the super industry average.³

Make sure you compare the benefits and features of GESB Super to your new super fund before making a decision about your super.

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¹ Investment Trends Member 2012 Member Sentiment and Communications Report: Highest member rating - seminars and workshops.

² Investment Trends Best Customer Service 2011. GESB was rated as the best Contact Centre (under 50 seats) in Western Australia in the 2011 ATA Awards.

³ GESB Super Benchmarking Report, SuperRatings 2012.

Choosing a new fund

If you do decide to choose a new super fund for your employer contributions, you need to complete the Standard choice form and provide it to your employer.

If you would like to roll out your super from GESB into another super fund, you could do so by using either of the following forms^*:

• GESB's 'Benefit access form'. You can contact your Member Services Centre on 13 43 72 for a copy of this form; or
• The ATO's 'Request to transfer whole balance of superannuation benefits between funds'.

When completing the 'Fund details' section of this form, please note that GESB does not have a 'Superannuation Product Identification Number' (SPIN) as it is an Exempt Public Sector Superannuation Scheme. However, it is important to include the Australian Business Number (ABN). Each GESB scheme has its own ABN. You can contact your Member Services Centre on 13 43 72 for the ABN relevant to your scheme.

^*Certified proof of identify documentation may also be required.

Other ways to access your super

You can access your super under several conditions, including when you retire or on compassionate grounds. Find out more about when you can access your super.