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GESB set to outsource administration
The Western Australian State Government has signalled its intention to outsource administration for the Government Employees Superannuation Board (GESB), calling for expressions of interest in June this year.
The decision follows the implementation of changes suggested in the Whitlear Review, allowing public servants who were previously defaulted to GESB the option to choose their super fund from 30 March 2012.
WA Treasurer Christian Porter said these "choice" reforms would reduce GESB's economies of scale and push member fees up.
Porter said that consequently, the superannuation fund would be following the lead of other super funds that outsource administration services to lower member fees and focus on superannuation reforms and other challenges.
He said it was expected the offer would appeal to the market and result in better long-term outcomes for existing members and future state employees.
GESB's administration services will go to tender in June this year with a view to transitioning to the new provider halfway through 2013.
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