GESB members who leave the public sector or take up a second job in the non-government sector can now choose to keep their superannuation with GESB, with changes to the State Superannuation Act 2000 in effect.
The changes will make it easier for workers to manage their superannuation, reducing the need to have accounts with multiple super funds and help minimise any fees they pay, said Treasurer, Rita Saffioti.
Previously, GESB members who left the public sector or had dual-government and non-government employment had to open a super account with another fund, leading to unnecessary duplications.
“GESB has a long history of managing the super and retirement savings of current and former WA public sector employees,” said Ms Saffioti.
“These common sense changes ultimately mean more flexibility and choice for public sector workers, helping to reduce unnecessary duplication of accounts and fees if they leave the public sector or take on secondary employment outside the government.
“Superannuation is fundamental in helping to set up our workforce for retirement, and it’s important we continue to do what we can to support our public sector workers to help them save for this stage of life.”
With around 250,000 members and over $40 billion in funds under management, GESB is the largest fund based in Western Australia, and has been managing the super savings of current and former public sector employees for 85 years.
For more information, visit gesb.wa.gov.au/stay-with-GESB.
