Types of Government Employees Superannuation Board accounts
Government Employees Superannuation Board offers accumulation plans, defined benefit funds and retirement income streams. Members who have joined on or after 16 April 2007 will be signed up for the GESB Super account. Those who joined the fund before 16 April 2007 might have been signed up for the West State Super or Gold State Super schemes; these funds are closed to new members.
The GESB super account offers you a choice of investment options. You can choose from five Readymade diversified plans or a mix of five asset classes.
The Readymade options are:
The asset class options are:
- Australian Shares
- International Shares
- Fixed Interest
Government Employees Superannuation Board provides the below benefits to their members:
- Insurance in super available for death cover (life insurance), and total and permanent disability (TPD) cover
- Easy online account access
At the time of writing (19/07/2018) GESB charges an annual 0.28% administration fee, based on your total balance, and a $66 per annum account keeping fee.
With this in mind, be sure to compare the annual fees charged by LESF against the fees charged by other funds, keeping in mind that other funds with similar or higher fees may be providing additional products and services that LESF does not.
Eligibility to join Government Employees Superannuation Board
To apply for a Government Employees Superannuation Board fund, you must be able to satisfy the following criteria:
- You must be an Australian resident
- You must be over 18 years of age
- You must be earning at least $450 before tax per month from an employer
- Be a Western Australian public-sector employee
If you are under the age of 18, but earning more than $450 before tax per month, you must be working more than 30 hours per week to qualify for super.
How to join Government Employees Superannuation Board
Because you can only join GESB Super if you are a Western Australian public service employee, joining GESB is a bit different than the process with other super funds. Talk to your employer to find out more.
Yes, Government Employees Superannuation Board has a dedicated online portal for super fund members. You can view your account balance online, access statements for your account, download super fund information and more.
Government Employees Superannuation Board provides a variety of investment options for you to choose from:
- MySuper plan
- Australian shares
- International shares
- Fixed Interest
When choosing an investment option, it is important to take into account your investment time frames and goals, and your personal risk tolerance for market fluctuations. Learn more about how to choose between different investment options on the Canstar website.
The comparison table near the top of the page shows the total fee cost per year to have a super account with Government Employees Superannuation Board. Compare these fees to the average super fund fees on our database, as fees are an important consideration when selecting a fund.
Yes, you can consolidate other super accounts into your Government Employees Superannuation Board account.
It’s important to check with your previous super funds for information regarding costs such as exit fees and insurance cover you may lose if you switch super funds.
The Government Employees Superannuation Board is a statutory body created to provide superannuation and retirement services for members of the Western Australian public sector. With 75 years of experience, they manage some $27 billion in assets for over 250,000 members.