Western Australia Treasurer Christian Porter
Super Choice For WA State Govt Employees
Victor P Taffa
- State Government employees able to choose super fund from March 30
Western Australian State Government employees will be able to choose their super fund from March 30, 2012, following sweeping reforms made last year to the State Superannuation Act 2000.
Treasurer Christian Porter said the introduction of Choice Super by the Liberal-National Government meant public sector employees would gain more control and responsibility over their superannuation, and ultimately their retirement benefits.
“This important reform will finally give our State Government employees access to the same choice options available to most other Australian workers since 2005, allowing them the right to choose which fund their employer superannuation contributions are paid to.” Mr. Porter said.
Up to now most State Government employer super contributions for employees were paid into the employer’s default fund. In most cases the default fund is a Government Employees Superannuation Board (GESB) superannuation scheme.
Now, employees will be able to choose another super fund for their employer Super Guarantee contributions or remain with their employer’s default fund. As is the case for other State and Commonwealth defined benefit schemes, choice of fund will not apply to contributions made to the GESB Gold State Super or Pension Scheme or the defined benefit plan of the Fire and Emergency Services Fund.
From March 30, 2012, State Government employers will be distributing the ’Standard choice form’ to eligible employees.
“Employees should take the time to read the form carefully and consider what they want from their superannuation before they make a choice.” the Treasurer said.