GESB Advice

If you're a current or former Western Australian public sector employee, there's a good chance your superannuation situation is more nuanced — and more valuable — than you might realise. GESB funds, particularly the older Gold State and West State schemes, come with features that are genuinely rare in today's superannuation landscape. Understanding what you have, and what it's worth, is essential before making any decisions.

Gold State Super

Gold State is a defined benefit fund, which means your retirement benefit isn't tied to market performance. Instead, it's calculated using a straightforward formula based on your final remuneration and your years of service — giving you a level of certainty that market-linked funds simply can't match. The fund is backed by the Western Australian Government, and is now closed to new members.

Gold State is also a Constitutionally Protected Fund (CPF), which classifies it as an untaxed scheme. In practical terms, this means contributions tax — which would typically be 15% to 30% depending on your income — isn't payable until you either access your benefit or roll it over to another fund. That's a meaningful advantage worth understanding before you consider making any changes.

West State Super

Unlike Gold State, West State is a market-linked fund, meaning your balance moves with the performance of your chosen investment strategy. It was closed to new members in April 2007, with all new state government employees directed into the GESB Super fund from that point.

Like Gold State, West State is a Constitutionally Protected Fund and operates as an untaxed scheme — so contributions tax on concessional contributions isn't payable at the time of contribution. Tax becomes due only when you access your benefit or roll over to another fund.

One of West State's most significant — and often overlooked — advantages is access to a substantially higher untaxed benefit limit. In effect, this allows you to make concessional contributions well beyond the standard annual caps that apply to ordinary super funds. It's a powerful feature for those in a position to take advantage of it.

GESB Super

GESB Super is the current fund for all new Western Australian state government employees, replacing both Gold State and West State since April 2007. It operates much like a standard superannuation fund — a taxed accumulation account with a range of investment options and the same contribution caps that apply across the broader super system. Concessional contributions are taxed upon entry to the fund at the standard 15% rate, and the usual annual cap applies.

Tread carefully!

GESB funds — and the older Gold State and West State schemes in particular — carry features that are genuinely valuable: lower fees, higher contribution thresholds, and in the case of Gold State, a guaranteed retirement outcome backed by the state government. These are benefits that are easy to underestimate and, unfortunately, easy to lose through uninformed decisions.

Before making any changes to your GESB super — whether that's rolling over, switching funds, or adjusting your contributions strategy — it's critical to fully understand what you currently have and what you stand to give up. The rules are complex, and the consequences of getting it wrong can be significant and irreversible.

If you have questions, we'd encourage you to contact GESB directly, or speak with a financial advisor who knows the GESB environment well. We're very familiar with these funds and happy to help you understand your options — so you can make decisions with confidence, not regret.Gold State

The GESB Gold State Super Fund is a ‘defined benefit fund’, meaning your superannuation benefit is not ‘market linked’ and is backed by the Western Australian Government. The benefit amount is calculated on a formula, which equates to your ‘final remuneration’ x your ‘service multiple’. Gold State is now closed to new members.

As a Constitutionally Protected Fund (CPF), the fund is considered an ‘untaxed scheme’. This means that contributions tax (typically 15%-30%, depending on your salary) is not payable until you rollover or access your benefit. 

Rick Maggi CFP, Financial Advisor Perth, Westmount Financial