State superannuation legislation and prudential oversight

Governing legislation, prudential guidelines and the responsibility of the Treasurer in State administered superannuation.

The Treasurer is responsible for the administration and development of the State’s superannuation legislation and policy, for the oversight and prudential regulation of GESB and the GES Fund as its employer sponsor, guarantor and regulator, and the application of the State’s Heads of Government Agreement with the Commonwealth regarding its superannuation arrangements. 

Legislation

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  • State Superannuation Act 2000 and State Superannuation Regulations 2001
  • Parliamentary Superannuation Act 1970
  • Judges’ Salaries and Pensions Act 1950
  • Fire and Emergency Services Superannuation Act 1985 and Fire and Emergency Services (Superannuation Fund) Regulations 1986
  • Coal Industry Superannuation Act 1989

Prudential oversight and Treasurer's guidelines

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The Treasurer’s Guidelines are instrumental in establishing the rules and boundaries for the investment and management of fund assets. They include the:

The Treasurer may also issue guidelines to GESB on other matters relating to State superannuation, such as the Treasurer’s Guidelines for Compliance with Stronger Super which include the provision of MySuper-compliant default plans for employees.

National superannuation standards

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Western Australia is a signatory to the Commonwealth’s National Superannuation Standards Heads of Government Agreement, where it has agreed that the State’s superannuation arrangements will, as far as practicable, conform with the Commonwealth’s retirement incomes policy.

Page reviewed 19 November 2021