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Secrets to success for GESB members

Are you maximising your Gold State and West State benefit?

When it comes to building your Gold State and West State benefit, it’s not as straight forward as you might think. Both schemes are unique, and if you’re not getting your contributions right, you could be missing out.

So, what are the tips and tricks you need to know? On this page, you’ll find useful resources to help you answer some key questions about your retirement:

  • Am I contributing the right amount to my super?
  • Should I be salary sacrificing my contributions?
  • How can I maximise my benefit on retirement?
  • What will my benefit look like in retirement?

Like many things, timing is everything. The best thing you can do today for your retirement, is to check you’re getting it right.

Roxanne Priest, StatePlus

GESB Secret

Contributing an average of 5% into Gold State Super will maximise your benefit.

If you’re a Gold State Super (GSS) member, you are required to make contributions into your fund throughout your working life. This still applies whether you’re taking long service or maternity leave. Your employer will then pay an amount that’s three times the voluntary contribution you’re making.

However, there is a cap on the contributions you can make into GSS. Taken as an average across your time in the scheme, your contributions cannot exceed 5%. So it’s important to make sure your contributions reach this level so you can maximise your scheme benefit when you retire. If your contributions have been lower for a while, you can pay up to 7% for the time it takes to reach the 5% average for your total contributions.

As well as reviewing your average contribution rate, it’s also worth reviewing how you make your contributions. Contributions paid from your pre-tax salary may provide you with a greater tax benefit.

To make the most of your GESB scheme, register for a free seminar today.

This information is general and does not take into account your personal objectives, financial situation or needs. Before making any decisions based on this information you should consider its appropriateness to you. We strongly recommend that you consult a financial planner before taking action based on this information. Further information and disclosures can be found in our Financial Services Guide.