GESB - Gold State Super

Gold State Super

Gold State Super is a super scheme that was open to WA public sector employees until 1995.

Gold State Super is a defined benefit super scheme, which means your final Gold State Super benefit is determined by applying a fixed, or 'defined', formula. Gold State Super is not
market-linked, and so is not impacted by the performance of investment markets.

Exclusive benefits of Gold State Super

Your Gold State Super account is a rare scheme closed to new members with exclusive benefits, including:

Benefit guaranteed by the WA State Government.
Gold State Super is an untaxed scheme, which means you don't pay tax until your benefit is paid to you or rolled over to a taxed scheme.
Defined benefit, which means you can be certain of how much you will have when you retire, as Gold State Super is insulated from the performance of investment markets.
No fees.
Automatic death and disability insurance at no cost.
Accumulate a lifetime limit of up to $1.255m* in concessionally taxed benefits.
Maintain benefits at a higher salary level, when a change in employment conditions results in a lower salary.

*Lifetime limit, indexed annually. Please refer to our Tax and your super fact sheet for further information.

How your Gold State Super benefit is calculated

To calculate your final Gold State Super benefit on retirement or death, we multiply your Service Multiple by your Final Remuneration:

Service Multiple = (Completed Months of Service ÷ 12 ) x 20% x (Average Contribution Rate ÷ 5)

Service Multiple x Final Remuneration = Final benefit

If you change or stop making contributions to your Gold State Super account it could have a significant impact on your final benefit.

If you do decide to withdraw from Gold State Super you can't contribute to your account in future. Your decision is irreversible.

Before making any changes to your Gold State Super account we strongly recommend contacting your Member Services Centre on 13 43 72 to discuss how the changes could affect your benefit.

Definitions
Completed Months of Service is your months of Equivalent Full-Time Contributory Service in Gold State Super.
Average Contribution Rate is the average percentage rate at which you contributed during your Gold State Super membership.
Final Remuneration is your average salary based on three key dates during your last two years of membership of Gold State Super. For part-time employees, your Final Remuneration is based on your equivalent full-time salary.

Maximise the potential of your Gold State Super

Gold State Super is a unique scheme with some exclusive benefits. To help maximise the potential of your Gold State Super, we encourage you to contact your Member Services Centre on 13 43 72.

For more information download the Gold State Super essentials booklet, and other Gold State Super fact sheets.