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Changes to super and retirement accounts

Note: this article is about changes to state super regulations that were recently passed by the WA State Government. If you're looking for information on the Federal Government's changes to super, which will mostly take effect from 1 July 2017, please read our article: 2016/17 Federal Budget - changes to super.

The WA State Government recently made some changes to state super regulations that affect how we manage super and retirement accounts.
In summary, these changes mean that we're now able to:

Here's an overview of what will change and how you may be affected.

 

We will move our communications online in the future

Who will be affected?

If we have your email address, you will receive your statements and other important updates about your super electronically, rather than by post. We will let you know before this happens. If email doesn't suit you, you will be able to update your communication preferences in Member Online or by calling us.

When?

Once we know when we'll be changing to electronic communications, we'll let you know on this website and in Member Online.

What will change?

In future, we'll be providing your statements and other information about your account electronically, rather than by post.

This means we'll let you know when your Member Statement is available in Member Online. You'll also receive other updates about your account by email.

If you've already registered for eStatements, you won't be affected. As long as we have your current email address, you'll continue receiving information electronically.

You'll still be able to update your communication preferences anytime in Member Online or by calling us.

What this means for you

If you're currently receiving paper statements, you might want to consider changing to electronic statements.

To switch to eStatements now, simply login to Member Online, go to the personal details page and update your statement delivery option to email. 

If you don't already have a Member Online account, you can register now.

For more information, please read our article: have you considered switching to eStatements?

 

Your account may be closed if your balance is zero

Who will be affected?

GESB Super and West State Super members

When?

From 1 July 2017

What will change?

From 1 July 2017, if your GESB Super or West State Super account has a balance of zero and hasn't received a contribution or roll-in in the last two years, we will close the account and your membership within that scheme will end.   

We'll let you know in writing if this happens. If you then decide to reopen your account, you'll need to contribute $330 to your super within 30 days of the date on your account closure letter.

What this means for you

If your GESB Super or West State Super account has a low balance, and you'd like to keep the account open, there are a few things you can do.

You can easily keep track of your balance, and contribute money to your super if you need to, in Member Online. Login now or register for Member Online in a few steps.

Your last statement details your account balance as at 31 December 2016, or you can call us on 13 43 72 to find out your current balance. We're available between 7.30am and 5.30pm (AWST), Monday to Friday.

If you're no longer receiving employer contributions to your GESB Super or West State Super account, you might need to make personal contributions to this account from time to time. This will ensure you have enough funds to cover administration fees and other costs, if you decide to keep your account open.

There are two ways you can make a personal contribution:

  1. Login to Member Online to make a BPAY® payment from your cheque or savings account
  2. Complete the super contributions form and mail it to us with your cheque or money order

Please note there are some restrictions for making non-concessional (after-tax) contributions. For more information, please read the Contributing to your super brochure.

 

You may transfer your GESB Super to a KiwiSaver account

Who will be affected?

GESB Super members

When?

From January 2017

What will change?

If you're an Australian or New Zealand citizen who has emigrated permanently to New Zealand with the intention of staying indefinitely or permanently, you can now apply to transfer the balance of your GESB Super benefit to a KiwiSaver account that will accept the payment.

What this means for you

If you're eligible and you'd like to apply, please contact us for more information on 13 43 72 within Australia or +61 8 9211 6680 if you're calling from overseas.

For information on your options for accessing your super, please read the Accessing your super brochure.

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