When can I access my West State Super?
551
‘ If you’re a Gold State Super member, you can access your super once you turn 551 and you retire from the WA public sector. You can only access your super before your preservation age if you qualify for special circumstances, such as severe financial hardship or on compassionate grounds.
When did West State Super close?
16 April 2007
West State Super closed to new members on 16 April 2007. Retirement Income Term Allocated Pension closed to new members on 20 September 2007.
Is West State Super APRA fund?
The method to calculate the return target is prescribed by the Australian Prudential Regulation Authority (APRA) as a way of comparing different MySuper funds. Our schemes are Exempt Public Sector Superannuation Schemes and are regulated by the WA State Government and not the Commonwealth Government.
What type of super fund is GESB?
GESB Super is a taxed scheme with limits on the amount you can contribute every year. Your super builds up over time, which is known as an accumulation scheme.
How much super do you need to retire?
ASFA estimates people who want a comfortable retirement need $640,000 for a couple, and $545,000 for a single person when they leave work, assuming they also receive a partial age pension from the federal government. For people who are happy to have a modest lifestyle, this figure is $70,000.
What is an untaxed super fund?
Constitutionally Protected Funds (CPFs) are untaxed super funds that do not pay income tax on concessional contributions or on earnings they receive. The concessional contributions are not subject to contributions tax of 15% in the fund.
What is Gold State Super?
Gold State Super is an untaxed scheme that was open to WA public sector employees until 1995. Gold State Super is a defined benefit super scheme, which means the Final Benefit is determined by applying a fixed, or ‘defined’, formula.
Is GESB super good?
GESB, the fund for WA State Government workers, also performed well. WA Super achieved results that would place it in the top 10 for super fund returns for 2018/19 in SuperRatings’ rankings for the biggest 50 super funds. WA Super, GESB and the median return for that investment option has been added for comparison.
Is GESB a defined benefit?
Gold State Super is a defined benefit super scheme, which means the Final Benefit is determined by applying a fixed, or ‘defined’, formula. Gold State Super is not market-linked, and is not impacted by the performance of investment markets.
How much super Should a 50 year old have?
How much super you should have at your age
| 25 years old | $24,000 |
|---|---|
| 40 years old | $154,000 |
| 45 years old | $207,000 |
| 50 years old | $271,000 |
| 55 years old | $345,000 |
How much do you need to retire at age 60 in Australia?
A good place to start is the ASFA Retirement Standard, December quarter 2019. ASFA estimates people who want a comfortable retirement need $640,000 for a couple, and $545,000 for a single person when they leave work, assuming they also receive a partial age pension from the federal government.
Do I pay tax on superannuation?
They are not taxed when they are received by your super fund. — you don’t pay any contributions tax. See tax on contributions on the ATO website for more information about how much tax you’ll pay on super contributions. A unique number assigned to taxpayers by the Australian Taxation Office for tax administration.
When did the west state super scheme start?
West State Super. West State Super is an untaxed super scheme with a range of investment plans and fees below the industry median 1. West State Super was available to you if you were a public sector employee before April 2007.
What makes west state Super different from other super funds?
Your West State Super account is known as a market-linked accumulation scheme. This makes it similar to most other super funds, including GESB Super. However, one of the things that make it unique is that it’s an untaxed scheme. It’s important that you know about the tax considerations that apply to your West State Super account.
Who is eligible for West State Super plan?
West State Super is an untaxed super scheme with a range of investment plans and fees below the industry median 1. West State Super was available to you if you were a public sector employee before April 2007. Only WA public sector employers can make employer contributions to your West State Super account.
Are there any fees for West State Super?
West State Super is part of the Government Employees Superannuation Fund (GES Fund). Changes to fees From 1 July 2019, there will be a 3% cap on the administration fees, investment fees and indirect costs for accounts with balances below $6,000.