GESB Superannuation

Croeso Financial Advice can assist with strategic advice for current and former government employees holding a GESB Superannuation fund product. These generous superannuation products are no longer available to new government employees and hold much more utility than modern superannuation funds, allowing an uplift to your overall wealth strategy, not just in a retirement context.

Historically, GESB products have allowed us to save our clients thousands of dollars in tax while ensuring they have the certainty of a well-funded retirement. These products also provide stability when investment markets are volatile, help pay down high-interest loans, and meet specific client goals focused on enhancing quality of life rather than just investment returns.

The plain and simple truth is that these products are quite complex compared to standard super funds, making high-quality financial advice essential to ensure they work best for you. However, with an experienced advisor such as Croeso Financial Advice at the helm, you can be assured that these superannuation funds will offer superior utility in your future strategy, leading to an uplifting net result.

This does not mean you should pay thousands of dollars in advice fees above the average threshold, but it does mean you should choose your advisor carefully to ensure they understand these products. Holding these products is an example where paying for advice will give you a better outcome than trying to do it yourself.

Having a GESB GoldState (GSS) or Weststate Super (WSS) is only an advantage if you are utilising the full benefits of these extremely advantageous products, and this normally only occurs when you work closely with an Adviser that is experienced and competent with the complexity of these products. During my years of experience, I have been horrified to hear stories around Advisers trying to persuade clients to close these amazing products because returns are average, or fees can be saved with an alternative “taxable” product.

Croeso Financial Advice has over 13 years of expertise in helping clients with these “tax deferred” products and has proudly saved thousands of dollars in tax in that time, as well as helping clients comfortably inflate their retirement savings pot beyond expectation.

These products are for State Government employees only and GSS was closed to new members in December 1995 and WSS was closed to new members in April 2007, although in the right circumstances sometimes a WSS can be opened for a State Government Employee with a GSS.

Maximising contributions into these products is the starting point to making them shine, however this is where the strategic planning expertise of your Adviser will need to be demonstrated, as sometimes a reduction in income is not easily achievable and creative and innovative ways will need to be explored to help you achieve this goal. We can help you model out different scenarios, clearly laying out the numbers, so you can calculate the best outcome for yourself.

Over the last few years, there has been some increased opportunities in helping clients defer their GSS, which was advantageous as inflation was high, and investment markets were flat/negative. However, as investment markets have been pushing higher and inflation is starting to drop, clients will need a qualified Adviser to calculate and explain the different scenarios moving forward, to ensure that they continue to have the appropriate option utilised for their retirement savings. Considering GSS for FY23/24 paid Perth CPI-5.76% plus 2% (for those over 55 years of age).