You may have heard recently that GESB has outsourced their administration function to the Link Group becoming effective from 01 July 2014. To assist with any queries you might have, we have re-posted the below FAQ that GESB have posted on their website. As always, Profusion Planning will continue to provide advice relating to your broader financial planning requirements, ensuring that you continue to optimise your financial and lifestyle position.

What is Profusion Planning’s view on the change?

Given the below changes will have no impact on your current financial planning strategy, we are comfortable with the announcement made by GESB.

How and when did all of this happen?

GESB and The Department of Treasury have been working together on this government reform since May 2012 to find a commercial service provider to manage GESB’s administration functions.

Why has GESB outsourced its administration functions?

Outsourcing of administration functions is conventional in the superannuation industry and helps to minimise operating costs and to gain efficiencies through increased economies of scale.

Why was Link chosen?

Link’s proposal best met the criteria outlined in the tender process.

Who is The Link Group?

What experience do they have in administration of superannuation?The Link Group is an Australian company with more than 25 years’ experience in the Australian superannuation and retirement industry. They employ more than 1,600 staff who specialise in all aspects of pension and superannuation administration. They also provide superannuation services to more than 55 Superannuation Fund Trustees. You can find out more by visiting The Link Group website.

Has GESB been taken over by The Link Group?

No. GESB has outsourced its administration functions to The Link Group.

Who is looking after my super?

GESB is still responsible for your super and continues to be responsible for investing members’ funds.

Will members be impacted in any way? Do I need to do anything?

There is no action for members and membership with GESB is unaffected by the partnership with The Link Group.

I have a Gold State/Pension Scheme account? What happens to be my benefit?

The payment of your benefit continues to be guaranteed by the WA State Government.

Will you still be called GESB?

Yes.

Will I still be able to access my accounts in the same way?

Yes. The way members access their accounts won’t change. If there are changes in future, GESB is committed to keeping you informed.

Will I be able to access the same products and services?

Yes. You will still have access to the same GESB products and services.

How will I contact GESB? Are you moving over east?

You can contact GESB in exactly the same ways you’ve always done. GESB and The Link Group are operating from the same Central Park offices in Perth’s CBD.

Can I still call the same telephone number?

Yes. You can contact GESB in exactly the same way.

Am I still ringing a team in Australia?

Yes. The new partnership will operate from the same Central Park offices in Perth’s CBD.

Do I need to speak to my employer?

No. GESB has written to all WA public sector employers to let them know about the new partnership. There are no changes for employers.

Is GESB still the default provider for WA public sector employees?

Yes.

Is my super still safe? Will the investments still be managed by GESB or Link?

GESB continues to be responsible for investing members’ funds.