As of September 14th, 2020, First State Super rebranded to Aware Super. This rebrand also included the amalgamation of StatePlus.
25 questions from our users
Aware super I would like to know how your advertisement on TV represent super every time I see it I think of private health insurance not meaning to offend just my observation
I have a conservative growth strategy. Why have I lost over $7,000 in 15 days from my super?
The stock market does not reflect these losses and things are improving after COVID, yet I am losing money by the thousands.
Why are your investment strategies so poor? Or please advise why ‘conservative growth’ fund members are losing so much money?
I do not wish to change this investment option as it is meant to be safest and low risk so why the poor performance?
Not at all happy!
Thank you for your question.
Fluctuating returns are a normal part of the investment cycle. We have an investments team who are actively managing the allocation of risk in the fund to manage market volatility. At Aware Super, we remain focused on the long-term performance of your portfolio. There are three main ways we manage exposure to markets over time. These are diversification, active asset allocation and managing foreign currency exposure.
You can read more about our approach to investments on our website here: www.aware.com.au/member/investments-and-performance/how-we-manage-your-investment/investment-approach
If you have any other questions or would like to discuss your investment option with us further, we would love to hear from you. Please call us on 1300 650 873 or send us an email to firstname.lastname@example.org
Their conservative growth option has performed horrible when benchmarked against other funds. Aust Super Conservative balanced has delivered approx 8% more in returns over the past three years. IOOF has the multiseries 50 which is similar risk, this has delivered approx 9% more pa over the past three years. Aware has a very ordinary track record with investment performance. Vic Super had a much better strike rate but i understand they are not calling the shots under the new merger.
How to get payment code?
Thanks for your message.
If you require any information that relates to your Aware Super account, please feel free to contact our Service Centre on 1300 650 873 or email email@example.com for more assistance.
We're here to help.
What is the interest paid frequency - annually, monthly, quartetly?
Your super account consists of a number of units that are invested as you choose. The value of the units will go up and down depending on the strategy you choose. Eg shares, property, cash. Interest is not paid like a bank account. The value of your units will change daily. :)
What percentage fees are charged indirectly to Growth and Balanced Growth Funds before they distributed to customers
Thank you for your question.
Our investment fees reflect a broad range of fees and costs associated with the on-going management of the investments at Aware Super.
These amounts are paid from the assets of the investment option before we calculate the unit price and are not deducted directly from our member's accounts.
You can find the fees for our diversified and single-asset class investment options in our member booklet supplement available on our website, or by visiting our website here: https://aware.com.au/member/investments-and-performance/investment-options/fees-and-costs
If you have any other questions or would like to discuss our investment options in a personal call or email, please feel free to call our Service Centre on 1300 650 873, or send us an email at firstname.lastname@example.org
Does insurance cover include mental illness including severe depression.
Diagnosed as debilitating condition with no income.
Thank you for your question.
Our Total and Permanent Disability (TPD) and Income Protection covers our members in the event that they are unable to work due to illness or disability. This includes both physical and mental illnesses.
If you would like to make a claim against your Aware Super insurance cover please call us on 1300 650 873 or send an email to email@example.com.
Why is First State Super changing its name? I checked on abn and see new name of aware! how do they feel this is a good use of members money especially in this climate. how much is this costing us 10 million? why dont members get a choice how there money is spent
Thank you for your question.
Currently we're managing two brands under the First State Super banner - First State Super (our super fund), StatePlus (our advice business) - and we merged with VicSuper in July this year, meaning we now have a third brand to support.
As we look to the future, we've thought about the need to create a single brand. The name, Aware Super, was chosen in consultation with many of our members and unifies our member base, clearly representing who we are and the members we serve.
One recognisable brand is more cost-effective to build and support over time. We are very conscious of our responsibility to spend our members' funds prudently. By consolidating under one brand, we're able to amplify our impact and achieve greater economies of scale.
In addition, many of our members have spoken to us about the confusion of First State Super with many other brands that sound similar (such as First Super, Colonial First State and State Super). So we felt it was important to have a name that was clear, recognisable and best represented who we are and our intent.
Aware Super celebrates and honours the spirit and actions of all our members. The extraordinary Australians, who we are proud to serve. It also demonstrates our ongoing commitment to action and impact – for our members, their communities and the world we live in.
For more information, please visit our website: https://firststatesuper.com.au/blog/first-state-super-is-changing-its-name-to-aware-super
If you would like to discuss this in more detail, please feel free to call our Service Centre on 1300 650 873, or send us an email at firstname.lastname@example.org
They have a poor reputation for losing millions of Members funds and only average returns. First State Super lost $400 million in three years on a blockbuster $1.1 billion takeover of financial advice business StatePlus before quietly stripping its assets and shifting ownership with a promissory note, in an unusual series of transactions that may have avoided potentially heavier write-downs. They could have kept the First State Super brand, but are trying to distance themselves from their history and all the complaints on this site by changing it. I cancelled all my insurance cover a few years back because I KNEW they'd never pay a claim and I could put those premiums elsewhere.
Is TAL the insurer for First State Super (as claimed by FSS) or are they just contracted to make recommendations to FSS’s Board of Trustees for life insurance claims, including terminal illness and total permanent disability (as claimed by TAL)??? Just want to know the legal/contractual relationship between TAL, FSS and myself.
Thanks for your message.
First State Super’s death, total and permanent disablement and income protection insurance is offered to First State Super members under insurance policies issued to the trustee by TAL Life Limited ABN 70 050 109 450, AFSL 237848 (the insurer).
The insurance cover provided is subject to the terms and conditions contained in the insurance policies (policies) issued to the trustee by the insurer.
The insurance information provided in the Member Booklet and Member Booklet Supplement available on our website is based on the policies issued by the insurer, and information provided by the insurer about the operation of the policies.
The terms and conditions of the policies prevail over any inconsistent information in the Member Booklet (Product Disclosure Statement) and our Member Booklet Supplement.
Insurance benefits will only become payable if the insurer accepts the relevant claim. Payment of any approved claim will be made by the insurer to the trustee and any insured benefit and any account balance can only be paid to a member by the trustee when a condition of release under the Superannuation Industry (Supervision) Act 1993 (Cth) is met.
If you would like to discuss your insurance cover with us, feel free to call our service centre on 1300 650 873.
Ok. Your “insurer” denies being the “insurer” for terminal illness benefit. Instead they claimed to be there to make a “recommendation” which the trustees would then accept or reject. I may even have it in an email, but was definitely told this on the phone.
Inconsistent advice to your members
We want to ensure you that we are continuing to work in hopes of finding a resolution to your concerns.
With any updates of your particular case, a representative of the fund will be in contact with you and will continue to assist you moving forward.
We appreciate your patience, and thank you for allowing us to investigate this further.
How often does the Board of Trustees meet to decide if individual life insurance claims will be paid out for terminal illness benefit and total and permanent disability? When is the next time these individual cases will be discussed? I have emailed and received no reply for over a week.
Thanks for your enquiry.
A representative of the Fund Trustee has previously been in touch with you regarding the complaint on your claim. Our representative will be in touch with you before the end of this week to assist you further with your concerns.
We do appreciate your patience while we continue to investigate this for you, and endeavor to provide you with an update shortly.
How do I make sure I get the FTC mobile app installed on my new huawei mobile phone ?
Thanks for your enquiry.
To provide members with the convenience they’ve asked for, we’ve launched our First State Super mobile app to members.
For a member using a Huawei android phone, you should be able to download the First State Super App from the Huawei AppGallery (App store), or Google Apps store, and login using the same details you would use to access your online account through our website.
If you have not previously accessed your online account, you will be required to register for online access:
If you are having any issues or need further assistance with this, please feel free to contact our Service Centre on 1300 650 873.
Why has my super balance declined in the last few weeks from early February 2020 till today 27th February 2020?
Corona virus and other macro factors...these are out of your control. The ones you can control are MER fees to run these funds. And guess what....FSS sucks. Seek professional counsel and move your $$$ elsewhere to lower fees and higher returns. If you work in health care be sure to keep a small balance in fss to get the insurance benefits. Seek counsel and then move
Thank you for your message.
We understand your concerns regarding the impact the Coronavirus is having on the investment markets.
We've published information on our website that'll help you with any questions you may have: https://firststatesuper.com.au/investment-and-performance/market-updates
If you'd like to chat to us about this in more detail, please feel free to contact service centre on 1300 650 873.
Has anyone else experienced problems accessing their loved one’s account due to not having an enduring power of attorney?
Why are there such big delays in FSS displaying unit prices, numerous times throughout the year ? Sometimes it gets a week behind in displaying the current unit prices.
Please accept our apologies for the extended delay in our response to your enquiry.
We calculate unit prices for our investment options each business day, but this price does not reflect that day’s market movements.
It takes two business days before the prices are available. This time is needed to calculate the value of the assets we invest in and the number of units on issue.
This also means we will not declare a unit price on NSW or National public holidays.
From time to time, we may come across external issues that briefly affect our ability to update our daily unit price, but once rectified we expect to update this information on our website, when practicable.
If you'd like to chat to us more about our investment options, feel free to call us our Service Centre 1300 650 873.
Have been with StatePlus since 2014. Now have a Flexible Income Plan, and have been paying 0.75% for annual adviser meeting, as well as other fees. Last years return approx 5.4%. Like other comments on this site, am questioning the benefit of staying with this organisation, and would like to compare with other providers. My questions:
1 how to compare apples with apples ( ie like with like )
2. what are the pros and cons of withdrawing and investing with another organisation?
I am looking at my Allocation (%), Number of Units per allocation and respective Unit Price. Apart from fluctuations in the Unit price,
I noticed over a period of 1 year the Number of Units for each allocation had shrunk. In other words I now had less Units in total than a year ago even though i had not changed my allocation. The % Allocation had also adjusted.
Please explain where the missing units had gone?
We would be happy to discuss the questions you raised regarding unit balance and allocation. If you could please call us on 1300 192 602 we can discuss the specifics of your account.
Still waiting on my funds
We are sorry to hear that you are still waiting on your funds.
Can you please contact us on 1300 650 873 between 8.30-6pm AEST Monday to Friday so we can look into your delay of funds.
I would like to ask a question regarding financial hardship. I've been on Centrelink Newstart payments for over 6 months now and am really struggling to meet my bills and repayments. I have downloaded your hardship form. Once this is received by First State (with all the relevant documentation etc) how long does it generally take to process?
Thank you for your question.
Assuming you meet the eligibility requirements, financial hardship applications are prioritised and are generally processed within 3 to 5 business days of us receiving them. You may wish to confirm your eligibility with Centrelink before submitting your application.
You can read more about accessing your super under financial hardship here: https://firststatesuper.com.au/content/dam/ftc/digital/pdfs/member/factsheet/module4/M4.30_AccessFinHardship.pdf
Please be sure to supply all requirements listed on the document to avoid delays, and feel free to contact our service centre on 130 650 783 (Monday – Friday, 8:30am – 6:00pm AEST) if you have any further questions.
Thanks for your response and information Dan!
Why have the losses this year been so terrible?
Thank you for your question.
First State Super offer twelve options to invest in which range from high risk to low risk. As a member you have access to choose where you would like your funds invested.
To look at the different investment options we offer and the past performance please refer to the below link:
We also have some further information on our website about the recent developments within the economic market:
Investment returns can be positive or negative depending on how the market’s performing. This is reflected in the way unit prices regularly move up and down. Past performance is not a reliable indicator or a guarantee of future performance.
To help you make an informed decision about your investments, we provide help through a team of phone based super advisers and educational seminars. These services come at no extra cost.
We also have a useful comparison tool available to our members on our website. Independent research company Chant West allows you to compare key features of over 200 different funds on an ‘apples with apples’ basis. You'll receive a detailed report comparing First State Super and other funds you select.
So we can discuss you feedback in more detail, could you please send a private message with your preferred contact number?
I can then make contact with you at a time that is convenient for you.
I wrote that I was only $90 better off in June than what I was since January. My employer has contributed thousands to my Super in the past 6 months but I only have $90 to show for it. They've literally cost their members thousands of dollars due to their bad investments this year. But they deleted my comment as they obviously don't want it known. I'm not happy and I bet neither are many other members. Looking elsewhere.
Was with SSFS which changed to Stateplus - Stateplus not returning anything - account on $450,00.00 is losing money - I have an allocated pension - can I change to another fund. I receive health card etc - but no centrelink pension
Yes, can definitely change providers - no exit fees from Stateplus. It would be prudent to check some of the larger funds operating such as Sun Super, Australian Super, Uni Super or the like. Basically should be aiming to lower fees and have a fund that has decent long term performance. In the current climate - for any retiree - risk management should still be key - but nonetheless can still have your money working for you. Advice should be not bias on product - that is difficult when in Stateplus your advisers are being paid by the fund itself - so if the fund is not working in your favour, they would not be advising you to change. Any more info - feel free to contact me on 04301 90009. Even a 1% difference amounts to a lot in dollar terms, problem is that the industry makes it awfully complicated to cipher through the information. Even option names are misleading, as in industry funds one balanced fund is different to another balanced fund. Main objective though for retirees, should be to have peace of mind and manage risk on their life savings - which across most funds can be done.
The other aspect is to ensure advice is separate from the product investments, this was an initiative that came out in July 2013 and as a result funds have had to change the way they charge on investments to ensure that advice related charges are separate. Hence the onslaught of re-funding clients advice related charges for no advice provided. Important to build a relationship with an adviser that delivers on service, as opposed to just charges.
Does anyone think StatePlus is a worthwhile organisation to handle their money? I think there has been much undisclosed information since the legislation changed in 2015. There appears to be a lot of unhappy clients.
For precisely the above reasons we moved to Unisuper. Eight years with State Plus cost us almost 40k in undisclosed fees.......and this was only where we could really pick up what fees were really being levied. When we really pressed them and compared more visible fees we discovered that they were very high. Consistent Market performance at the bottom end of the spectrum was also a concern. We accept that no one can be at the top indefinitely and that this years loser could be next years winner...BUT....eight years at the end of the spectrum??
StatePlus was originally State Super Financial Services and I am not convinced the change has been good for investers as their balanced fund performance last year was close to 5% after fees where as other funds were achieving over 8%. The fees are about average but not as low as some of the industry funds As a rough example I draw about $1800/month from my RO fund which costs $6000/annum or $500/month to manage and receive yearly financial advice. This seems excessive to me
I was caught by the Jan 2015 changes which grandfathered your existing arrangements but if you want to change your super provider the new arrangements come into force and part pensions can be reduced significantly. In summary I think fees charged by Superfunds is excessive for very ordinary returns and as far as I know there is no way of reducing them by say not having the financial advice which is basically 40% growth, 60% defensive and drawing your pension payment from a cash fund to avoid selling growth assets when the equity markets are down as they are now.
Thank you for your interest in StatePlus.
With more than 60,000 clients and over 25 years of experience in planning for retirement, we’ve helped thousands of Australians get the most of their superannuation schemes and achieve their desired lifestyle in retirement.
Our clients have given us a 96% satisfaction score*, one of the highest of any financial company in the world. The industry has seen enormous change in recent times. We believe in transparency with our clients and are committed to continuously reviewing and improving our processes and services.
Why not attend one of our seminars to learn more about the benefits of a good financial plan. You can sign up for a seminar near you through our website https://www.stateplus.com.au/find-a-seminar
Once again, thank you for your question. If we can be of further assistance, please don’t hesitate to get in touch.
*StatePlus TNS Client Service Survey RYQ2 2017 Report
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