SUPE R ANNUATION West State Super Product Information Booklet Contents 1 About West State Super 2 2 How super works 2 3 Benefits of investing with West State Super 3 4 Risks of super 3 5 How we invest your money 4 6 Fees and costs 4 7 How West State Super is taxed 6 8 Insurance in your super 7 9 How to open an account 8 10 Complaints process 8 11Privacy 8 This Product Information Booklet (PIB) outlines the main features and benefits of West State Super and how your account works. It is a summary of significant information and contains a number of references to important additional documents (each of which forms part of this PIB) that you should read in order to understand how GESB Super operates. This icon will direct you to additional information you may find useful. This icon identifies other information which you may find useful when reading this document. It is important that you read and consider all the information relating to West State Super before making any decisions about the product. ISSUE DATE: 1 November 2014 | PREPARATION DATE: 28 October 2014 Government Employees Superannuation Board ABN 43 418 292 917 Important note This West State Super Product Information Booklet (PIB) is issued by the Government Employees Superannuation Board (GESB), ABN 43 418 292 917, which manages the West State Super scheme. West State Super is part of the Government Employees Superannuation Fund (GES Fund). This PIB summarises important information and contains references to other important documents that relate to West State Super. This PIB summarises the benefits, options and features that are available in West State Super, including investment choice and insurance cover. You should read this PIB (and the additional documents referred to within this PIB) before you make a decision to invest in West State Super. The material in this PIB may change between the time when you read this statement and the day you apply to join or when your GESB Super account is automatically opened for you. The information contained in this PIB is of a general nature only and does not take into account your personal objectives, financial situation or needs. You are encouraged to seek advice specific to your personal circumstances from a qualified financial adviser before making any decision to invest in West State Super. GESB employees and directors receive salaries and/or benefits from GESB. No investment managers of the investment plans are responsible for any statements or representations made in this PIB, unless expressly stated otherwise. GESB does not guarantee the performance of the GES Fund, the investment plans or any particular rate of return. The repayment of capital is not guaranteed. The information in this PIB is up-to-date as at 1 November 2014 but may change from time to time. Visit our website at gesb.com.au or call your Member Services Centre on 13 43 72 to obtain any minor updates to the information printed in this PIB. If you require a printed copy of any updated information this will be provided to you free of charge. 1. About West State Super GESB is the largest Western Australian based superannuation (super) provider with $18 billion in funds under management (as at 30 June 2014) and administers the super and retirement savings of current and former WA public sector workers. We’ve been helping members for more than 70 years; offering super and retirement products, insurance, and easy access to financial information and educational resources. West State Super is an untaxed accumulation super scheme. • Accumulation means your account balance builds up over time from your state government employer contributions, your own personal contributions and any super that you roll over from other funds, as well as from any investment earnings (which may be positive or negative) on these contributions. •The untaxed nature of the scheme means that, unlike most other Australian super funds, tax is not paid on any contributions or on investment earnings that your super account receives while it accumulates. • It is perhaps more helpful to call it ‘deferred tax’ because tax is payable on your benefit when it is paid to you. If you work within the WA public sector and started your job before 16 April 2007, you would have automatically become a member of West State Super, which was the default scheme until that date. Since then it has been closed to new members subject to certain exceptions (refer to section 9). On 30 March 2012, choice of superannuation fund legislation (choice) was introduced. This allows employees, with some exceptions, to choose a complying super fund into which their employer Superannuation Guarantee (SG) contributions can be paid. Employer contributions can only be accepted into West State Super from WA public sector employers. For more information on how the West State Super scheme performed in the 2013/14 financial year, see the ‘Annual fund update’ available at www.gesb.com.au/brochures. 2 2. How super works About super Super is designed to help you save for your retirement. Different types of contributions can be paid into your super, for example: compulsory employer SG contributions, additional contributions your employer makes, additional contributions you choose to make and government co-contributions. They are all designed to provide you with greater financial security in retirement. To encourage Australians to save for their retirement, the government provides a range of tax concessions and other government benefits for contributing to your super. There can be significant tax advantages with using super to save for retirement. See section 7, ‘How West State Super is taxed’, for more information. For more information on how super works, visit www.moneysmart.gov.au. Contributions Generally, an employer is required to make compulsory SG contributions for its employees into a super fund. Most people have the right to choose which fund their employer should direct their SG contributions into. Unless you have asked your WA public sector employer to pay your SG contributions to another fund, your employer will automatically make these contributions to your West State Super account. You can make additional voluntary contributions to your West State Super account by: •Asking your employer to deduct extra money from your pay before tax is taken out and to pay this into your West State Super account (called before-tax or salary sacrifice contributions) •Asking your employer to deduct extra money from your pay after tax is taken out and to pay this into your West State Super account (called after-tax or non-concessional contributions) •Putting any money you have saved or lump-sum amounts like inheritance, lotto winnings or proceeds of an asset sale into your West State Super account (also called after-tax or non-concessional contributions) •Transferring super you have in other super funds into your West State Super account (called a rollover) There are limits to the amount of contributions you can make to your super. However if you are a West State Super member, employer contributions (including salary sacrifice) and personal deductible contributions are not considered to be concessional contributions, as they are in most other Australian super funds. Therefore, they do not count towards your concessional contributions cap that applies to most other Australian funds. This is because West State Super is a constitutionally protected fund. Non-concessional contributions made to your West State Super account are counted towards your non-concessional contributions cap. If you exceed your non-concessional contributions cap the excess is taxed at 49%. For more information on the special features of the West State Super scheme, read the ‘West State Super information sheet’, available at www.gesb.com.au/brochures. For more information on how you can add money to your super, read the ‘Contributing to your super’ brochure, available at www.gesb.com.au/brochures. The material relating to ‘How super works’ may change between the time when you read this Statement and the day when you acquire the product. Withdrawals Super’s main focus is on saving for retirement, so there are rules for when you can withdraw your super. For most members, you will be able to access your super (as a lump sum or as an income stream) once you have reached ‘preservation age’ and permanently retire. Your preservation age is dependent on your date of birth. You are able to access your full retirement benefit once you reach age 65, regardless of your working status. See the ‘Accessing your super’ fact sheet, available at www.gesb.com.au/factsheets. West State Super offers a choice of investment plans. The investment plan you choose will change in value over time and will perform differently at different times due to various factors. When choosing an investment plan, you should consider that past investment returns are not a reliable indicator of future performance. Read the important information about the risks of investing in super in the ‘Investment choice’ brochure, available at www.gesb.com.au/brochures. 3. Benefits of investing with West State Super The likely range of investment returns, and the risk of negative investment returns, is different for each investment plan depending on the underlying mix of assets. Competitive fees Market risk GESB offers competitive fees and charges and remains one of the best value-for-money funds in Australia*. The risk of changes in economic, technical, political, legal or other factors impacting the financial markets and in turn the investment value of your account. Experience You benefit from GESB’s 70 years of experience in super fund management and the comfort of being part of a large fund Investment choice You can easily switch investment plans as your circumstances change, at no extra cost. See the ‘Investment choice’ brochure at www.gesb.com.au/brochures. Automatic insurance cover Providing you meet certain criteria, you are automatically covered for Death, Total & Permanent Disablement (TPD) and Salary Continuance Insurance (SCI), without the need for a medical examination. See the ‘Insurance and your super’ brochure at www.gesb.com.au/brochures. Extra services at no additional cost We offer members access to educational tools through the Learning Centre at gesb.com.au, as well as member seminars in metro and regional WA. We also offer secure access to your account through Member Online as well as a range of online resources such as brochures, fact sheets, calculators and webinars. And, if you’d like to understand more about your investment options or the different ways you can contribute to your super, we offer our Simple Advice service. These phone appointments take around 15–20 minutes and can provide you with straightforward recommendations to help you get the most out of your West State Super account. Retirement options GESB offers a Retirement Options Service if you are planning for or nearing retirement, or even if you have already retired. You can book a face-to-face appointment with one of our experienced consultants who know and understand GESB’s unique schemes. Visit www.gesb.com.au/ros to find out more. Award-winning call centre Our Member Services Centre is located right here in WA. The outstanding service levels we provide were recently recognised with the 2011, 2012 and 2013 ATA WA Contact Centre of the Year award^. 4. Risks of super All investments have some level of risk. Super funds invest in a range of asset classes, including Cash, Fixed Interest, Property and Shares, with each of the asset classes having different levels of risk. Different weightings of these asset classes make up the various investment plans available in a diversified super fund. The following risks are significant in terms of investing in West State Super. Inflation risk The risk that your investment returns are below the inflation rate and therefore your ‘buying power’ is reduced. Currency risk The risk that the values of foreign currencies rise or fall relative to the Australian dollar and affect the value of the overseas asset investments. Currency risk can be mitigated by hedging foreign currency exposures. However, there is no guarantee that currency hedging will always be successful. Interest rate risk The risk that changes in interest rates impact directly or indirectly on investment value or the returns generated by these assets. Credit risk The risk that a borrower fails, or is perceived to have an increased risk of failing, to repay its debts. This can reduce the value of the security to which that debt relates. Liquidity risk The risk of not being able to readily convert an investment into cash with little or no loss of capital and minimum delay. Counterparty risk The risk that a party to a contract fails to fulfil its contractual obligations, which can affect the value of the assets to which that contract relates. In addition to the risks listed on the previous page, when considering your investment in super more generally, it is important to understand that: • The value of investment plans will go up and down • Returns are not guaranteed and there is a risk you may lose some of your money • Those assets with potentially the highest return over the long term (such as Shares) may also have the highest risk of losing money in the short-to-medium term • The level of returns will vary from year to year • Past performance is not a reliable indicator of future performance • The amount of your super savings (including contributions and returns) may not be enough to provide adequately for your retirement • Super is a long-term investment and may only be accessed when you meet a condition of release • Laws affecting super may change The appropriate level of risk for you will depend on many things, including: your age, investment timeframe, how other parts of your wealth are invested and how comfortable you are with the possibility of losing some of your investment in some years. We recommend that you talk to a financial adviser before deciding which investment plan best suits you. Our risk profile calculator at www.gesb.com.au/calculators can help you choose a plan that suits you. * Super Benchmark Report, SuperRatings 2013. For more information, visit gesb.com.au ^ ATA WA Contact Centre of the Year Award, 31-80FTE. For more information, visit www.ata.asn.au Fees, ratings and awards are only one factor you should consider when deciding how to invest your super. 3 5. How we invest your money West State Super offers you the choice of a number of investment plans. You should consider the likely investment return, risk and your investment timeframe when choosing which plan to invest in. Strategic Asset Allocation approved 14 August 2014 International Shares 29% 22%-39% There are four Readymade plans: Australian Shares 16% 9%-26% Readymade plans Private Equity 4% 1%-8% Target allocation Allowable range Investment plan Expected risk/return profiles Property 8% 3%-14% Growth High risk and return Infrastructure 3% 0%-5% Balanced Medium risk and return Alternatives 4% 0%-7% Conservative Low-to-medium risk and low return Global Government bonds 15% 6%-26% Diversified Fixed Interest 14% 10%-21% Cash 7% 0%-30% Cash Very low risk and low return A further five MY plan options allow you to select your own mix of asset classes: MY plan Investment plan Expected risk/return profiles International Shares High risk and return Australian Shares High risk and return Property High risk and return Fixed Interest^ Low risk and return Cash Very low risk and low return While it is important that you consider the right plan for you, if you don’t make a choice, your super will go into the Balanced plan. If you wish you can choose to change your investment plan at a later date. No charge is made for investment switches. Visit www.gesb.com.au/investmentplans for detailed information on all West State Super investment plans Some details regarding the Balanced Growth plan are highlighted below. Balanced Growth plan Investment timeframe 7 years Investment return objective* CPI† +4.0% pa over rolling 7 year periods. Summary of risk level Medium risk The estimated number of negative annual returns over any 20 year period is to be less than 3. You should read the important information on our other investment plans before making a decision. Visit www.gesb.com.au/brochures and review the ‘Investment choice’ brochure. The material relating to Investment choice may change between the time when you read this Statement and the day when you acquire the product. There is no fee for switching between investment plans. You can transfer your money into other investment plans in one of two ways: 1. Visit our website and register for Member Online. Once registered, you can change your investment plan online, or 2. Download a copy of the ‘Investment choice’ form available at www.gesb.com.au/forms We may change the types of investments included in each investment plan, add a plan or remove one of our investment plans at any time. We will tell you if we do this. Most fund managers integrate analysis of a company’s environmental, social and governance (ESG) policies and practices into their research frameworks. GESB draws on the advice of its asset consultant when shortlisting and selecting external fund managers. This research analysis assesses managers for their ESG capabilities, which GESB considers as part of its selection processes, but there is no predetermined view as to the extent to which ESG considerations are to be taken into account by GESB in the selection, retention or realisation of an investment. GESB does not have a specific policy on ESG considerations when investing, however GESB ceased its investments in tobacco companies from June 2013. 6. Fees and costs This section provides summary information about the fees and costs for the West State Super Balanced plan. Similar information is included in other funds’ Product Information Booklets (also known as Product Disclosure Statements or PDS) so you can compare West State Super’s fees and costs with those for other funds. Fees and costs for Balanced plan Fees for managing your account are deducted each month from your individual account. The Indirect Cost Ratio (ICR) is deducted from the investment return before the daily unit price is calculated. It is not deducted directly from your individual account. No other fees are applicable. ^ M Y plan Fixed Interest invests in Global Government bonds and Diversified Fixed Interest. * The investment return objective is the investment return this plan will seek to achieve after fees. The investment return objective is made with reference to an amount above the increase in the Consumer Price Index (CPI). The CPI is a measure of the rate of inflation. For example, if over the applicable time period the objective for an investment plan is CPI +4.0% pa and the CPI increase is 2.5% pa then the investment return objective would be 6.5% pa. † Consumer Price Index. 4 Type of fee or cost Amount How and when paid Investment fee Nil Not applicable Administration fee $66 pa ($5.50 per month) as an account-keeping fee + 0.15% pa of your monthly account balance Deducted each month from your account Buy-sell spread Nil Not applicable Switching fee Nil Not applicable Exit fee Nil Not applicable Your employer may be able to negotiate to pay lower administration fees. Ask the fund or your financial adviser**. Advice fees Nil Not applicable To find out more: Other fees and costs Nil Not applicable Indirect Cost Ratio (ICR) Deducted from the fund’s assets before the daily unit price is calculated 0.55% pa (estimated) of your account balance* Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30-year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. If you would like to find out more, or see the impact of the fees based on your own circumstances, the financial regulator, the Australian Securities and Investments Commission’s (ASIC) website at www.moneysmart.gov.au has a super fee calculator to help you check out different fee options. You can use the calculator on our website at www.gesb.com.au/calculators. You should read all the information about fees and costs because it is important to understand their impact on your investment. See the ‘West State Super schedule of fees’ at www.gesb.com.au/brochures for more details on fees. Example Other funds use the same example as the one below so you can compare fees and costs. This table gives an example of how fees and costs in the West State Super Balanced plan can affect your super investment over a one-year period. You should use this table to compare West State Super with other super products. The example uses a constant account balance of $50,000 over a one-year period with total contributions made during the year of $5,000. West State Super Balanced plan Fee type Amount Balance of $50,000 Investment fees Nil Not applicable PLUS Administration fees 0.15% pa of your account balance + $66 pa ($5.50 per month) For every $50,000 you have in the Balanced plan you will be charged $75 each year And you will be charged $66 in administration fees regardless of your balance PLUS Indirect costs^ for the Balanced Growth plan 0.55% pa And indirect costs of $275 each year will be deducted from your investment EQUALS Cost of Balanced Growth plan If your balance was $50,000 then for that year you will be charged fees of $416 for the Balanced plan† Additional explanation of fees and costs Performance fees may be paid to some of GESB’s external investment managers if the investment return on the assets they manage exceeds their agreed performance targets. Performance fees are typically calculated as a percentage of the amount by which the investment manager exceeds the performance targets and are deducted from investment plan returns before the unit price is calculated on a daily basis. The latest performance fees paid range from 0.00% pa to 0.0275% pa as a percentage of the value of the GES Fund, depending on the individual investment plan. GESB reserves the right to review fees to ensure that the structure and level of fees is appropriate, including any additional costs resulting from any government tax or statutory charges. We will always inform you of any changes through our website or through your six-monthly Member Statement. The ICR and performance fees may change periodically. *The Indirect Cost Ratios for West State Super’s other investment plans are different. They vary depending on the complexity of the plan. **The above wording is required by law. However, the statement described above concerning the possibility to negotiate fees and discuss negotiated fees with your financial adviser is not applicable to West State Super. For further information, call your Member Services Centre on 13 43 72. ^ The Indirect Cost Ratio (ICR) includes all of the Management Expense Ratio (MER) and any additional underlying costs relating to your investment. It is an annual percentage fee which covers the cost of managing the fund’s investments including a proportion allocated to risk reserves. West State Super’s ICR is not fixed, and is reviewed periodically and adjusted to take into account prevailing investment expenses. The actual ICR can only be determined at the end of each financial year. † Member protection protects West State Super accounts with balances less than $1,000 by preventing administration fees from being applied to what is considered a small account balance. Many other super funds removed member protection from 1 July 2013 due to changes in Commonwealth government legislation. Currently, the GESB Board has determined that member protection will remain for West State Super until 1 July 2015. For more information on member protection of West State Super member accounts, see the ‘West State Super schedule of fees’ available at www.gesb.com.au/brochures. 5 7. How West State Super is taxed The ‘untaxed’ nature of the West State Super scheme means that, unlike most other Australian super funds, tax is not paid on any contributions or on the investment earnings that your super account receives while it accumulates. Instead, it is only taxed at the time you withdraw your benefit. The tax treatment will depend on whether you choose to receive a lump-sum payment or roll over your benefit to a complying taxed fund or income stream. Lump-sum payment Component Age Tax rate (including Medicare Levy*) Tax-free component Any age Nil Taxable component - taxed element Aged under 55 22% Aged 55-59 First $185,000^ = 0% Balance = 17% Aged 60+ Nil Aged under 55 First $1,355,000^ = 32% Balance = 49% Aged 55-59 First $185,000^ = 17% From $185,000^ up to $1,355,000^ = 32% Balance = 49% Aged 60+ First $1,355,000^ = 17% Balance = 49% Taxable component - untaxed element The tax is paid when you withdraw your super benefit Rollover to a taxed fund or purchase a retirement income stream Component Tax rate Tax-free component No tax applies on transfer Taxable component - taxed element No tax applies on transfer Taxable component - untaxed element Amounts up to the untaxed plan cap of $1.355 million^ per super fund are taxed at 15% on entry to a taxed fund. Any amount exceeding the untaxed plan cap will be taxed at 49% before rolling over. Exceeding the untaxed plan cap Warning: tax file numbers You can accumulate up to a maximum of $1.355 million (for the 2014/15 financial year, indexed annually) in concessionally taxed benefits in your West State Super account. When you join West State Super you should tell us your tax file number (TFN). While it is not compulsory for you to provide your TFN, it allows us to use it for lawful purposes. If we do not receive your TFN: If you exceed this cap, tax on the excess is levied at 49%. Warning: Division 293 tax for high income earners The concessional tax treatment of certain super contributions is reduced for high income earners for 2012/2013 and later income years. An individual’s income is added to certain super contributions (referred to as low-tax contributions) and compared to the high income threshold of $300,000. Tax is payable on any excess low-tax contributions if the combined income and low-tax contributions exceed the $300,000 threshold. There are special rules for defined benefit interests, constitutionally protected State higher level office holders, certain Commonwealth justices and temporary residents who depart Australia. For more information, read the ‘Tax and super’ fact sheet available at www.gesb.com.au/factsheets. For more important information about how tax applies to your West State Super contributions, investment earnings and withdrawals, see the ‘Tax and super’ fact sheet at www.gesb.com.au/factsheets. * The rates in the table include 2% Medicare Levy. ^ For the 2014/15 financial year, indexed annually for future years. 6 • Benefits paid to you may be subject to an extra 34% tax, if you are aged less than 60 • We may not be able to accept your personal (after-tax or non-concessional) contributions • It may affect your eligibility for the Commonwealth Government Super Co-contribution payment • It will be more difficult to trace different super amounts in your name to make sure that you receive all your super benefits when you retire You can lodge your TFN via Member Online or by calling your Member Services Centre on 13 43 72 to obtain a form. 8. Insurance in your super Important information about automatic insurance cover As a result of joining West State Super if you are a noncasual, you are likely to be automatically eligible for: • D eath and Total & Permanent Disablement (TPD) insurance, and • Salary Continuance Insurance (SCI), also known as income protection Generally speaking, to be eligible for automatic cover you must be receiving SG from your employer and be aged less than 65. The GESB Board has also retained Partial and Permanent Disablement (PPD) cover for certain eligible West State Super members.If you are eligible for insurance cover, you may be entitled to West State Super’s default level of cover, called Basic cover. If you don’t want this cover, you can opt out by completing an ‘Insurance variation’ form, available at www.gesb.com.au/forms. See more important information about West State Super’s insurance options including information on how to apply, premiums, eligibility for cover, conditions and exclusions, as well as how to change or cancel cover in the ‘Insurance and your super’ brochure at www.gesb.com.au/brochures In addition, you may also be able to apply for additional Voluntary Cover; this requires underwriting by the Insurer and allows you to increase your level of insurance cover to suit your own circumstances. Members employed on a casual basis may be eligible to opt in for Basic Cover. Members not eligible for automatic cover can still apply for insurance cover. You can: • Apply via Member Online at gesb.com.au, or • Download an ‘Insurance application’ form, available at www.gesb.com.au/forms. Insurance cover will be on terms offered by the Insurer. For more information read the ‘Insurance and your super’ brochure available at www.gesb.com.au/brochures. An overview of automatic Death, TPD and SCI cover for eligible members Death and Total & Permanent Disablement (TPD) Salary Continuance Insurance (SCI) Who is eligible? Members aged under 65 who are currently receiving Superannuation Guarantee (SG) contributions Basic Cover is provided automatically for eligible members when we receive your first SG contribution Basic Cover of up to $200,000, depending on your age Up to $3,000 per month determined by the number of hours per week that you work Changing your cover You can apply to: You can apply to: • Increase or decrease • Opt out • Fix the amount of cover • Increase or decrease • Opt out $10 million for Death The lesser of 85% of your income (calculated as 75% income plus up to 10% of that amount as a super top-up contribution) and $30,000 per month for up to two years Maximum insurance cover $3 million for TPD If your occupation is classified as being in the Hazardous category, your cover will be limited to the lesser of $3,000 per month and 85% of your income (75% income plus up to 10% of that amount as a super top-up contribution) Premiums based on occupation category There are five categories based on occupation and employment duties: Waiting periods You have to wait three months before you are eligible to receive a TPD benefit The default waiting period for a benefit payment is 90 days. You can change your waiting period to 30, 60, 120 or 180 days which will affect the premium you pay Maximum age for cover • Death cover expires at age 70 • TPD cover expires at age 65 • SCI cover expires at age 65 • • • • • White Collar Light Blue Collar Blue and Heavy Blue Collar Hazardous occupations Professional and Executive - members who meet salary and other eligibility criteria may apply to join Costs and fees Death and TPD cover The cost of your cover depends on the amount of cover you request, your age, gender, occupation and (in the case of SCI) your waiting period. Currently, annual insurance premiums for default Death and TPD Basic Cover range between $3.18 and $79.15 per month, depending on age, gender, occupation category and amount insured. From 1 November 2014, annual insurance premiums for default Death and TPD Basic Cover will range between $3.54 and $83.90 per month. 7 Currently, annual insurance premiums for default cover of $3,000 per month range between $1.97 and $241.70 per month, depending on age, gender and occupation category. From 1 November 2014, annual insurance premiums for default SCI cover of $3,000 per month will range between $1.80 and $204.96 per month. Important note The cost of your insurance will be automatically deducted from your West State Super account on a monthly basis unless you opt-out of your insurance cover with GESB. For more information about the costs and fees of insurance, see the ‘Insurance and your super’ brochure at www.gesb.com.au/brochures. Making a claim If you make an insurance claim, GESB and the Insurer will determine whether you are entitled to be paid based on the terms of the policy, the fund’s rules and superannuation law. Changing your insurance You can choose to change your insurance cover at any time, subject to the maximum policy limits. You can check and make changes to your insurance details: • Through Member Online at gesb.com.au, or • By downloading an ‘Insurance variation’ form available from www.gesb.com.au/forms, or • By calling your Member Services Centre on 13 43 72 Exclusions and limitations There are some exclusions that may stop you or your dependants from making a claim against your Death, TPD and SCI cover. If you are eligible for the Professional and Executive category or you are a casual worker who has opted in to Basic Cover, you may be subject to Limited Cover. This is cover which applies only in respect of events or conditions which arise entirely after your insurance cover commencement date and also excludes any death or disablement caused as a result of any self-inflicted injury or suicide. If your first SG contribution from your employer is received more than 120 days after you commenced employment, your insurance cover is subject to Limited Cover. This applies to Death, TPD and SCI cover. You must be ‘At Work’ on the day that your cover commences to be covered for Death, TPD and SCI cover. If you were not ‘At Work’ on the day that your cover commenced due to sickness or injury, you will be provided with New Events Cover from the commencement date of your cover. For more information on how to make a claim, how to change your insurance, and any exclusions and limitations that may apply, see the ‘Insurance and your super’ brochure at www.gesb.com.au/brochures. You should read the information before making a decision about whether the insurance is right for you and your needs. 9. How to open an account If you started working within the WA public sector before 16 April 2007 you would have become a member of the West State Super scheme automatically. Nearly all WA public sector departments and agencies participate in the West State Super scheme, so in most cases your membership will continue if you transfer between departments and agencies. The West State Super scheme is now closed to new members, but you may still be able to open a West State Super account if: • You are a Gold State Super member with pre-1 July 1983 service and you are currently a WA public sector employee, or • You are the current or former spouse of a Gold State Super or West State Super member affected by a Family Law superannuation split Call your Member Services Centre on 13 43 72 if the above applies to you. 10. Complaints process If you feel we are not providing the service you expect, you can make a complaint to us. GESB’s contact details are below. For more information on GESB’s complaints process, visit the ‘Resolving your complaint’ brochure at www.gesb.com.au/brochures. 11. Privacy GESB has implemented a privacy policy that incorporates Australian Privacy Principles (APPs) and the Tax File Number Guidelines 2011 prescribed by the Privacy Act 1988. The Privacy Statement available on the GESB website summarises how we handle private information about individuals responsibly. For more information on GESB’s privacy policy, visit gesb.com.au. How to contact us T Member Services Centre 13 43 72 F 1800 300 067 PO Box J 755, Perth WA 6842 Level 4 Central Park, 152 St Georges Terrace, Perth Government Employees Superannuation Board ABN 43 418 292 917 W gesb.com.au 11/14 GPIB0094 (GPIB0080) SCI cover
© Copyright 2024