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What the Researchers Say:

A 'best value for money' superannuation fund. Well balanced across all key assessment criteria in a robust, secure and proven risk framework. The fund provides features that should assist most individuals to meet their retirement savings goals.

You should contact your financial adviser or this fund before making an investment decision.

  • Platinum
  • 7 Year Platinum Performance
Awards
Fund data valid as of February 29, 2016

Typical Fees

Balance This Fund Industry Average Difference
50k $300 $709 -$409
250k $1,500 $3,052 -$1,552
500k $3,000 $5,781 -$2,781

Investment Allocation

Intl shares 25.0%
Aus shares 21.0%
Property 7.0%
Alternative 20.0%
Fixed interest 22.0%
Cash 5.0%

Fees & Charges

Membership Fee $0
Asset Admin Fee 0.20%
Investment Fee 0.40%
Switching Fee $0
Exit Fee $0
Account Size Discount No
Employer Size Discount N/A

Fund Features

Financial Planning Service
Health Insurance
Home Loans
Credit Cards
Binding Nominations
Non-lapsing Binding Nominations
Insurance Life Event Increases
Anti-detriment Payments
Long Term Income Protection

About this Fund

Membership 290,242
Total Assets $21,815,417,620
Year Started 2003
Target Market
Offered to Public?
Fund Type Government-Allocated Pension

Fund Highlights - provided by GESB Retirement Income Allocated Pension

4 Readymade investment options plus 'mix your own' capability across 5 asset classes.
Low fees with no entry, exit, switching or withdrawal fees.
3 payment frequencies.
Commutations.
Banking services and travel insurance available to members at discounted rates.
Annual retirement rewards seminars, including Federal budget updates.
Free Retirement Options Service available to members.

Fund Rating Snapshot

  • Legend:
  • Excellent
  • Good
  • Average
  • Below Average
  • N/A

Rating Categories Clockwise from top

Performance
Performance is based on the past 5 years for their core balanced option
Investment Choices
Points scored on additional benefits to members ie: Home loans, Credit Cards, Health Insurance, Reverse Mortgage, shopping discounts, anti detriment payments and many others
Investment Processes
Points scored on contribution collection, via cheque, cash, Eftpos, Bpay, direct debit and other features
Small Account Fees
Points scored on the fees and charges based on an account size of $5k
Medium Account Fees
Points scored on the fees and charges based on an account size of $50k
Large Account Fees
Points scored on the fees and charges based on an account size of $100k
Death Insurance
Points scored on premium costs and features for Death Insurance ie: Min/Max level of cover, cover available during unpaid, whilst overseas, max age and other features
Death and TPD Insurance
Points scored on premium costs features for Death and TPD Insurance ie: Min/Max level of cover, cover available during unpaid, whilst overseas, max age and other features
Income Protection Insurance
Points scored on premium costs features for Income Protection insurance ie: Min/Max level of cover, cover available during unpaid, whilst overseas, max% on monthly salary, waiting days available and other features
Member Services
Points scored on additional benefits offered to members ie Statement frequency and newsletter communications and other features
Administration Services
Points scored on the fund structure ie switching between investments, selecting regular contributions, nominated beneficiary changes, changing insurance options. For Service features like call centre, adviser services reports and many other features.
Financial Advice
Points scored on features in respect to financial advice facilities offered ie, by phone, internet, face to face, cost of scaled advice and others.
Goverance
Points scored on Trustee structure, number of independent directors , renumeration and proxy voting policy and risk

Score Explanation

Excellent: Score of 75%-100%
Premium performer in this area. Well above benchmark.
Good: Score of 51%-74%
Better than most funds. Above benchmark
Average: Score of 26%-50%
Placed close to benchmark
Below average: Score of below 25%
Not quite up to speed. Lower than benchmark.

Investment Option Performance

Asset Allocation Category FYTD FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 Comparison
Balanced -1.70%
8.93%
13.01%
15.07%
3.28%
10.37%
Fund
Benchmark
Diversified Fixed Interest 2.94%
2.08%
3.34%
4.29%
5.47%
6.40%
3.81%
4.74%
11.70%
9.58%
6.60%
6.56%
Fund
Benchmark
Growth -2.30%
-2.62%
10.49%
11.50%
14.90%
15.91%
17.74%
19.45%
1.32%
-1.21%
11.31%
11.20%
Fund
Benchmark
Australian Shares -4.30%
-5.45%
5.94%
6.75%
18.24%
18.31%
23.74%
23.30%
-7.32%
-6.67%
11.68%
12.47%
Fund
Benchmark
Overseas Shares -7.97%
-6.81%
17.39%
20.36%
20.17%
19.88%
27.00%
29.76%
-1.39%
-3.07%
12.53%
7.44%
Fund
Benchmark
Capital Stable 0.44%
0.40%
5.99%
6.35%
8.20%
8.17%
8.99%
9.14%
5.40%
4.79%
7.91%
7.97%
Fund
Benchmark
Property -0.24%
7.57%
9.54%
10.92%
14.95%
10.68%
17.88%
12.91%
5.62%
7.92%
23.17%
11.91%
Fund
Benchmark
Cash 1.53%
1.47%
2.62%
2.61%
2.86%
2.78%
3.48%
3.48%
4.69%
4.76%
4.57%
5.05%
Fund
Benchmark
  • Legend:
  • Outperformed average
  • Underperformed average
  • Negative returns

Annualised figures are the average per year returns of the rated option based on the cumulative returns for the past 5 years to 30/06/2015, past performance is not a reliable indicator of future performance. Performance and fee data is based on the option which is rated by SuperRatings and stated on each product's landing page.

Benchmark investment information - how performance is measured

To ensure comparability for consumers, the RateCity superannuation comparison is based on the asset allocation of each of the MySuper/Pension products, irrespective of the name of the investment option. This methodology allows consumers to compare products on a like for like basis and removes any ambiguities associated with the name of the investment option. For example, an investment option may be classified as growth, however its asset allocation may in fact mean it should be classified as high growth. By using the asset allocation as the dominant identifier, we believe this provides the most robust framework for consumers to compare funds and recognise that this is a consistent approach to that of SuperRatings methodology.

Option Type Percentage of Growth Assets
min-max %
High Growth 91-100%
Growth 77-90%
Balanced 60-76%
Conservative Balanced 41-59%
Capital Stable 20-40%
Secure 0-19%

What the researchers say

A not-for-profit organisation, GESB is the largest Western Australian-based super fund for current and former employees of the WA Public Sector and their partners. GESB's Retirement Income Allocated Pension provides a competitive income stream solution, securing a Platinum rating for 2016.

Strong longer term investment returns for Balanced Plan and the well-priced fee structure across all account balances assessed ensure strong after-fee outcomes for members. No transaction costs apply, providing members with the flexibility to make unlimited investment switches and withdrawals.

Pension flexibility lags in comparison to industry standards. While three payment frequencies are offered, the options available may not cater to those new retirees seeking fortnightly payments in line with previous salary payments. Death benefit options are limited, though reversionary pension is available.

The fund's website contains a wide selection of member educational material, demonstrating their commitment in this area.


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