Gold State Super is a super scheme that was open to WA public sector employees until 1995. It is now closed to new members1.
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, so member's funds are not impacted by the performance of investment markets.
Benefits and features of Gold State Super
Gold State Super is a scheme closed to new members with unique features and benefits, including:
Security knowing your benefit is 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 or retirement income stream
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 extra fees. There are no separate fees charged to you for administration, insurance and other running expenses
Automatic death and disability insurance until age 60 at no cost
Accumulate a lifetime limit of up to $1.415 million2 in concessionally taxed benefits
Apply to maintain benefits at a higher salary level, before a change in employment conditions results in a lower salary
If you have pre-1 July 19833 service you may be able to maximise your tax-free component. For most super funds the pre-1 July 1983 amount was calculated at 30 June 2007 and was included as part of the tax-free component (referred to as crystallisation). For untaxed funds like Gold State Super the crystallisation of the pre-1 July 1983 amount for the untaxed element in the fund is only calculated when a lump sum is withdrawn or rolled over to a taxed fund or retirement income stream
1 If you cease your current membership because you cease working in the WA public sector or reduce your hours of work to less than one hour a week, and you subsequently re-join the WA public sector or increase your work hours within 12 months, you may continue your membership.
2 For the 2016/17 financial year, indexed annually for future years. The untaxed plan cap applies per fund, not per person. Please read the Tax and super brochure for more information.
To calculate your Gold State Super Final 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 your 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 the future. Your decision is irreversible. When this happens, your benefit will be deferred. For more information, see the Gold State Super deferred benefits page.
Before making any changes to your Gold State Super account we strongly recommend you contact 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 of your salary that you contributed during your employment while working for the WA public sector as a Gold State Super member. Final Remuneration is your average salary based on three key dates during your last two years of employment as a Gold State Super member. For part-time employees, your Final Remuneration is based on your equivalent full-time salary. It includes Higher Duties Allowance (HDA) or Temporary Special Allowance (TSA), if one of these is received for at least 12 months continuously within the last two years of employment and is received on your ceasing date and/or both Selection Dates. For employees on secondment for at least 12 months on one of the three key dates, remuneration for that day is taken to be the higher of the remuneration for the job from which the employee was seconded and the remuneration for the job to which the employee was seconded.
Maximise the potential of your Gold State Super
Gold State Super is a scheme with unique benefits. To help maximise the potential of your Gold State Super, we encourage you to contact your Member Services Centre on 13 43 72.