Super Choice for WA State Public Servants starts 2 April 2012
WA's 153,000 public servants will finally have the right to manage their own retirement savings
Super deal for public servants
Rachel Donkin and Neale Prior,
The West Australian 12 March 2012
WA's 153,000 public servants are about to get the right to seize control of their retirement savings - seven years after the Federal Government passed laws giving workers a choice of superannuation provider.
Treasurer Christian Porter will write to the 320,000 West Australians with savings locked in the former Government Employees Superannuation Board from today to inform them of their options under the one-way choice policy that takes effect on March 30.
Industry sources say one-way choice - enabling public servants to leave GESB but restricting non-government employees from joining - could see GESB lose much of the $12.8 billion it has under management.
The decision to let government employees take their super elsewhere was designed as a compromise after an independent review found a plan to mutualise GESB would cost taxpayers up to $467 million and result in higher fees for members.