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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.
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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.
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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.
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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