HESTA Super is the largest health industry superannuation fund in Australia, and is a not-for-profit fund with an industry membership base. Membership is open to anyone within Australia.
GESB Super manages super savings of current and former WA public sector employees. GESB Super is open to government employees and only accepts employer contributions from WA public sector employers.
GESB Super vs HESTA Super: How do fees compare?
When comparing HESTA Super and GESB Super fees, HESTA Super has higher annual percentage based fees, with a 0.89% investment based fee, compared to GESB percentage based fees of 0.69%. However, HESTA Super has a flat fee of $65, whilst GESB Super has a flat fee of $66.
HESTA Super vs GESB Super: How does performance compare?
|HESTA Super||GESB Super|
|Type of fund||Industry super fund linked to the Health industry.||Only open to WA Government Employees.|
|Management||Not self managed, regulated by APRA.||Not self managed, regulated by APRA.|
|Default Fees (Based on 50K)||$510.00||$411.00|
|Asset Allocation (Default Fund)||HESTA Super Balanced:International Shares - 30% Australian Shares - 24% Fixed interest - 19%||My GESB Super Plan:International Shares - 32% Australian Shares - 27% Investment Grade Bonds - 11%|
|Performance (Default Fund)||HESTA Super Balanced: 1 Year: 14.54%3 Year: 10.74%5 Year: 9.07%||My GESB Super Plan: 1 Year: 13.41%3 Year: 10.07%5 Year: 7.81%|
|Review my Super Ranking||Ranked 7th by performance over the past 12 months out of 45 funds.||Has not made top performing funds lists.|
|Product Disclosure Statement||HESTA Product Disclosure Statement||GESB Product Disclosure Statement|
How does HESTA Super and GESB Super insurance compare?
Insurance is also an important factor to consider when looking at superannuation options, as some funds may also provide insurance cover – such as life cover and TPD insurance. Insurance fees will affect super balance, so ensuring you’re happy with the deal you have is vital. Based on ratings from Omnilife, HESTA Super received an insurance rating of 65/100, whilst GESB Super has received a rating of 60/100 for its insurance options.
Interested in seeing how HESTA Super and GESB Super compared to other popular Australian funds? Review My Super provides valuable insights on the best and worst performing Australian super funds, so that you can make informed decisions on where you invest your money.
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